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BRAND PREFERENCE: The amount of brand loyalty a customer has toward a specific product or service. Some customers are fanatical about a certain brand and will not switch or even consider another substitute. That being said, brand loyalty is sometimes very sensitive to price fluctuations. In the soft drink industry, many consumers will switch back and forth between Pepsi and Coke, depending on which is on sale. These consumers might prefer one product to the other, but are not absolutely loyal or brand insistent.
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for jovial bank tellers.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"So many of our dreams at first seem impossible, then they seem improbable, and then when we summon the will, they soon become inevitable." -- Christopher Reeve, Actor
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CPI-U
Consumer Price Index-All Urban Consumers
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