|
|
BRAND PREFERENCE: The amount of brand loyalty a customer has toward a specific product or service. Some customers are fanatical about a certain brand and will not switch or even consider another substitute. That being said, brand loyalty is sometimes very sensitive to price fluctuations. In the soft drink industry, many consumers will switch back and forth between Pepsi and Coke, depending on which is on sale. These consumers might prefer one product to the other, but are not absolutely loyal or brand insistent.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
|
Page: 10 of 22
|
In this unit, you should have learned about:- The three measures of that capture the revenue-side of monopolistic competition -- total revenue, average revenue, and marginal revenue.
- How the limited market control in monopolistic competition is indicated by a negatively-sloped, but relatively elastic demand (or average revenue) curve.
- That the marginal revenue curve lies beneath the demand (or average revenue) curve, meaning price is greater than marginal revenue.
- The three measures of that capture the cost-side of monopolistic competition -- total cost, average total cost, and marginal cost.
- That the two U-shaped cost curves -- average total cost and marginal cost -- reflect the law of diminishing marginal returns.
|
|
|
|
|
|
|
FREE LUNCH The consumption of hunger-satisfying food products during the middle of the day, usually around the noon hour, the acquisition of which requires no payment by the consumer and presumably imposes no opportunity cost on society. The food is lunch, the acquisition is free, hence free lunch.
Complete Entry | Visit the WEB*pedia |
|
|
PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for broken fingernail clippers.
Your Complete Scope
This isn't me! What am I?
|
|
|
Natural gas has no odor. The smell is added artificially so that leaks can be detected.
|
|
|
"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
|
|
EC
European Community
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
