TRUE, Andrew is more likely to win the jobs where he underestimates the costs, causing him to experience the winner's curse.
Cost is the amount of money a business spends to create or produce goods or services. This does not include profit markup. From the seller's point of view, cost is the amount of money spent to produce the goods or products.
Cost is the monetary value that a business has had to spend to produce goods or services. Calculated as the amount of money a business spends to produce a specific unit of a product. Simply put, it is the money a business spends on labor, services, goods, etc.
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