Examlex
The passage of shortwave and longwave energy through the atmosphere or water is an example of
Diminishing Marginal Utility
The principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the good or service decreases.
Loss Averse
The tendency of individuals to prefer avoiding losses to acquiring equivalent gains, a fundamental behavior observed in economic and financial decision-making.
Framing Effect
A cognitive bias in which the way information is presented affects decision-making or judgments, leading individuals to alter their interpretation based on the "frame" of reference.
Identical Situations
Circumstances or scenarios where all relevant factors and conditions are exactly the same for all parties involved.
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