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You have noticed that when you are at the gym, your exercise routine is not affected by how many other people are there. However, it is affected when other people are watching you exercise. This pattern in your behavior is what social psychologists call
Cost of Production
The complete cost involved in producing a product or offering a service, which encompasses the price of raw materials, workforce expenses, and overhead charges.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the amount they actually receive.
Market Price
The amount of money for which a good or service is offered, sold, or bought in the market.
Cost
The value of the inputs used in the production of goods or services, including money, time, and resources.
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