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BRAND LOYALTY: A positive attitude toward and preference for purchasing a specific product or service in the market place. It is the desired goal of all businesses to create brand loyalty from members of their target markets. Once brand loyalty has been created it is more difficult to persuade customers to switch to an alternative brand. Some consumers will only purchase Mountain Dew, nothing else will do.
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Just as iron rusts from disuse, even so does inaction spoil the intellect. " -- Leonardo da Vinci, architect, artist
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TFC
Total Fix Cost
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