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What effect will a tax on sellers of cellphones have on the cell phone market
Loss Aversion
A cognitive bias reflecting the tendency for people to prefer avoiding losses to acquiring equivalent gains, suggesting that losses are perceived as more severe than gains.
Status Quo Bias
A cognitive bias that represents a preference for the current state of affairs, leading individuals to resist change.
Marginal Cost
The expense associated with creating an extra unit of a product or service.
Marginal Benefit
The further satisfaction or value an individual gains from consuming an extra unit of a certain product or service.
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