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Kim and Mary are both participating in an experiment examining the effect of adding graphic warning labels on cigarette packages to the written warning labels that are already required by law. Kim saw a package in which half of the package had a picture of diseased lungs included with the written warning label, whereas Mary only saw the written warning label without a picture on the package the researcher showed her. Kim was part of which group in the experiment?
Opportunity Cost
Turning down potential benefits from several alternatives by locking in on one.
College Degree
An academic degree conferred by colleges or universities upon students who have completed a course of study or major.
Lifetime Earnings
The total amount of money a person is expected to earn over the course of their career.
Marginal Cost
The charge incurred from the production of an extra unit of a product or service.
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