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When considering costs, it is often easy to only consider the monetary cost of action as opposed to the total cost, including opportunity cost. Explain
When considering costs, it is often easy to only consider the monetary cost of action as opposed to the total cost, including opportunity cost. Explain how the economic model of decision-making helps individuals, firms and the government make decisions. Explain how the economic concepts of incentives, rationality, and decisions at the margin play a role in the decision-making process. give one example.
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