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Studies of human decision-making have detected systematic mistakes that people make. Which of the following have been detected?
Collection Time
The average duration it takes for a company to collect payments owed by its customers, often measured in days.
Average Daily Receipts
The average amount of money a business receives on a day-to-day basis over a specified period.
Opportunity Cost
The cost of foregone alternatives, representing the benefits an individual, investor, or business misses out on when choosing one alternative over another.
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