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SIGNALLING: The use of low-cost, easy to obtain information about a product or commodity to indicate the quality of a product. Signalling occurs when buyers use features of a commodity or actions by the seller to indicate overall product quality. These signals can be either intended or unintended.

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BUYERS' PREFERENCES, DEMAND DETERMINANT

The satisfaction that buyers receive from the purchase of a good, which is assumed constant when a demand curve is constructed. Buyers' preferences is one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, other prices, buyers' expectations, and number of buyers.

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Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for pencil sharpeners with an attitude.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Confidence . . . thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live."

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