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What is meant by self-selection in the insurance market?
Incremental Income
The additional income that is generated as a result of a specific business decision or activity.
Incremental Costs
Additional costs associated with producing one extra unit of a product or delivering an additional service.
Direct Materials
Raw materials that are directly used in the manufacturing of a product and can be easily traced to the finished product.
Direct Labor
The cost of labor that can directly be associated with the production of goods or services.
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