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LEARNING: A person's changes in thinking and behavior due to environmental experiences. A consumer learns about products and services based on information input and subsequent adjustments in buying patterns. This is important in the promotion element of the marketing mix. Typically a potential customer requires 6 exposures to a product name in order to develop retention (learning).

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 22 of 25

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In this unit, you should have learned about:
  • How the standard determinants of market demand and market supply also work as factor supply determinants.
  • The role of mobility as a factor supply determinant.
  • How geographic mobility -- the movement from one location to another -- varies for different factors of production.
  • How occupational mobility -- the movement from one occupation to another -- varies for different factors of production.


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KINKED-DEMAND CURVE

A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for defective microphones.
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This isn't me! What am I?

The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Defeat is simply a signal to press onward. "

-- Helen Keller, author, lecturer

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Journal of Public Economics
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