What does the affectivity date for a product's price list entry control?

In Vlocity Context Rules, what type of component can be linked to a Vlocity picklist?
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The Discount Duration field is applicable to which type of discount?

Felix is the Vlocity CPQ administrator, and he has created a new product with no child products in the shared product catalog. What must he do after he has created the product in Vlocity Product Console?
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In Vlocity Context Rules, what is a context scope?
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