Steven, a construction worker, tends to buy a new gadget if most of his friends have them. he relies on reviews from his friends rather than on television or newspaper advertisements to make his purchase decisions. it can be inferred that steven belongs to the category of in the diffusion of innovation.
a. laggards
b. innovators
c. the late majority
d. the early majority

Eon inc., electravia inc., and fc inc., the three largest firms in the consumer electronics industry, hold close to 85 percent of the industry's market share. these companies mainly compete against each other by providing unique features in their products rather than pricing them low. these firms are interdependent, and each firm must consider the strategic actions of its competitors. which of the following industry competitive structures does this scenario best illustrate? monopolistic competition oligopoly monopoly perfect competition