Examlex
The term ecology literally means the study of our
Marginal Cost
The cost added by producing one additional unit of a product, focusing on changes in overall cost with slight increases in production.
Sunk Costs
Costs that have already been incurred and cannot be recovered.
Marginal Analysis
The examination of the benefits and costs of an additional unit of consumption or production to make decisions on allocations of resources.
Risk Aversion
The behavior of preferring to avoid loss rather than making a gain, reflecting a preference for certainty over uncertainty.
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