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LOSS MINIMIZATION, MONOPOLY: The marginal revenue and marginal cost approach to analyzing a monopoly firm's short-run production decision can be used to identify economic loss. The U-shaped cost curves used in this analysis provides all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue curve) and the firm's marginal revenue curve provides the information needed on the revenue side.
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PSYCHOLOGICAL INFLUENCES: Several factors that are primarily behavior-based that affect a consumers decision making process. These factors are learning, perception, self-concept, attitudes, personality, and lifestyles. Through a combination of these various factors a consumer displays certain tendencies toward product, brands, services, and where they shop. A marketer researches the market to determine which group of targeted buyers would be the best fit for its products or services. See also | target market | market segmentation | learning | attitudes | personality | self-concept | lifestyles | perception | consumer behavior | consumer decision making |
Recommended Citation:PSYCHOLOGICAL INFLUENCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 15, 2024].
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SUBSTITUTE-IN-CONSUMPTION One of two (or more) goods that provide the same basic satisfaction of a want or need when consumed. A substitute-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a complement-in-consumption. An increase in the price of one substitute good causes an increase in demand for the other. A substitute-in-consumption has a positive cross elasticity of demand.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for small children selling products door-to-door.
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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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"We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective. " -- President Dwight D. Eisenhower
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ANOVA
Analysis of Variance
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