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LIFESTYLES: The opinions, activities, and interests that an individual expresses through his or her pattern of living. People tend to spend their time in certain ways and with certain types of people. These tendencies of interactions with others and utilization of time strongly affect many components of consumer behavior and subsequent decisions to purchase or not. Lifestyle patterns influence product needs, brand preferences, where people shop, and types of media that are effective to reach consumers.
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MARGINAL REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between the marginal revenue received by a monopoly for selling its output and the quantity of output sold. Because a monopoly is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopoly maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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BLUE
Best Linear Unbiased Estimator
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