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What is the difference between internal and external validity
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing the benefits that could have been received but were given up.
Explicit Cost
Direct, out-of-pocket payments for resources employed in the production of goods or services.
Marginal Cost
The additional cost incurred by producing and selling one more unit.
Fixed-Cost Fallacy
Consideration of costs that do not vary with the consequences of your decision (also known as the sunk-cost fallacy).
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