Multiple Choice
In the context of consumer surplus and willingness to pay, what percentage of individuals in the diffusion of innovation model are typically classified as lagging adopters (also known as 'laggards')?
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5. Consumer and Producer Surplus; Price Ceilings and Floors
Consumer Surplus and Willingness to Pay
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following pairs is the most logical example of complementary products?
A
Coffee and tea
B
Smartphones and sunglasses
C
Printers and ink cartridges
D
Bread and butter
Verified step by step guidance1
Step 1: Understand the concept of complementary products. Complementary products are goods that are typically used together, so the demand for one increases the demand for the other.
Step 2: Analyze each pair to see if the products are used together. For example, coffee and tea are substitutes (people usually choose one or the other), not complements.
Step 3: Consider smartphones and sunglasses. These are unrelated products; owning one does not increase the need for the other, so they are not complements.
Step 4: Look at printers and ink cartridges. Ink cartridges are necessary for printers to function, so these products are used together, making them complementary.
Step 5: Evaluate bread and butter. While often consumed together, they are not strictly complementary in the economic sense because they can be consumed independently, unlike printers and ink cartridges.
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