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PERSONALITY: A consistent pattern of behavior in certain situations. These behavioral tendencies are influenced by both hereditary and environmental factors resulting in individual characteristics. Marketing researchers look for certain personality characteristics that affect patterns of consumer buying behavior.
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MARGINAL REVENUE CURVE A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
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AS-AD
Aggregate Supply-Aggregate Demand Model
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