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QUASI-PUBLIC GOOD: A good that is easy to keep nonpayers from consuming, but use of the good by one person does not prevent use by others. Also termed a near-public good,the trick with a quasi-public good is that it is easy to keep people away, and thus you can charge them a price for consuming, but there is no real good reason to do so. From an efficiency view, the more people who consume a quasi-public good, the better off society. This mixture of nearly unlimited benefits and the ability to charge a price means that some quasi-public goods are sold through markets and others are provided by government. For efficiency's sake, none should be sold through markets.

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PREFERENCES CHANGE, UTILITY ANALYSIS

A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.

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Today, you are likely to spend a great deal of time watching infomercials looking to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for poorly written technical manuals.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"The only profit center is the customer. "

-- Peter Drucker, management consultant

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