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Describe how psychological theories complement one another.
Marginal Cost
The hike in complete costing that comes with the fabrication of an additional unit of a good or service.
Competitive Buyer
A buyer in a market who cannot influence the market price and takes the price as given.
Marginal Expenditure
The rise in expense from obtaining one more unit of a good or service.
Average Expenditure
The total spending divided by the number of units bought, used to calculate the average cost of goods or services.
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