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Define Cognitive Biases

question 80

Short Answer

Define cognitive biases.


Definitions:

Marginal Revenue

Additional financial gain from selling an extra unit of a good or service.

Marginal Cost

Incremental cost increase for manufacturing another unit of a product or service.

Total Revenue

The overall amount of money generated from the sale of goods or services before any expenses are subtracted.

Output

The quantity of goods or services produced in a given time period.

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