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Which of the following barriers to rational choices are studied by behavioural economics?
Cost
is the monetary valuation of effort, material, resources, time, and utilities consumed, goods or services produced, or other expenses incurred.
Price-Taker Model
A market scenario where individual firms or consumers accept the prevailing market price because they are unable to influence it.
Per-Unit Cost
The average cost associated with producing one unit of a product, calculated by dividing the total cost of production by the number of units produced.
Total Revenue
The total amount of money a company receives from selling its goods or services without deducting any costs.
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