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As Michael watches his instructor pass out papers, he suddenly realizes that this is the first major exam and that he is totally unprepared. Which phase of the GAS is he most likely experiencing?
Opportunity Cost
The missing out on potential benefits from other options when selecting one path.
Marginal Product
The additional output that is produced by using one more unit of a given input.
Vertical Axis
The vertical axis in a graph or chart is the y-axis, representing the quantity or degree of the variable measured.
Capital Market
A financial market in which long-term debt or equity-backed securities are bought and sold, different from the short-term funds seen in the money market.
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