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EFFICIENT SEARCH: Decreasing marginal search benefit and increasing marginal search cost suggest that the most efficient search lies somewhere between zero effort and complete information. The most efficient level of search effort is given by the equality of marginal search benefit and marginal search cost.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 2 of 19

Topic: Supply Price <=PAGE BACK | PAGE NEXT=>

There's more we need to consider about supply. First the supply price.

Supply price is the minimum price that sellers would be willing and able to accept for a given quantity of a good.

  • Sellers have an lower limit on the price that they would be willing and able to accept for a good, compared to the upper limit of the demand price.
  • Sellers are willing and able to accept a higher price. In fact, they would be glad to sell a good for a billion dollars... or more.
  • The minimum supply price is based on the fact of economic life that people prefer more to less.

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NOVEL INFORMATION

Information received by the five senses (sight, sound, taste, touch, and smell) that is new, different, and unusual. Because novel information has the potential to be threatening it triggers an automatic response through what is commonly termed the "fight or flight" reaction. Novel information is evaluated in contrast to redundant information, which is familiar and presumably nonthreatening.

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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

-- Edmund Hillary, explorer

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