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Marginal Disutility
The added dissatisfaction a consumer experiences from consuming an additional unit of a product or service.
Behavioral Economics
A field of economics that examines how psychological, social, cognitive, and emotional factors affect economic decisions of individuals and institutions.
Anchoring
The tendency people have to unconsciously base, or “anchor,” the valuation of an item they are currently thinking about on recently considered but logically irrelevant information.
Decision Making
The process of selecting the best course of action from several alternatives to achieve a desired goal.
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