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Warren tells Corr that he can't believe it, but he scored 98% on his linear algebra midterm. Corr decides that Warren must be very bright if he earns such high grades in math courses. What is illustrated by this example?
Opportunity Cost
When one option is chosen, it's the sacrifice of possible benefits from other available choices.
Working Home
The act of performing one’s job duties from one's place of residence rather than in a traditional office environment. Often referred to as "working from home" or "remote work."
Marginal Cost
The increase or decrease in the total cost that arises when the quantity produced is incremented by one unit.
Labor Force
The total number of people who are currently employed or actively seeking employment within an economy.
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