Examlex
The study of the cognitive processes and biases associated with making financial and economic decisions.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit; essentially, the cost of producing one more unit of a good.
Product-Variety Externality
An economic effect where an individual's consumption choices can lead to an increase in the variety of products available, potentially benefiting other consumers.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often associated with production or consumption activities.
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