Discussion
Why does cascading two stages give less than the product of their gains?
Answer: A
The first stage's collector resistor works into the second stage's input impedance in parallel, so its effective load and hence its gain fall. A properly sized coupling capacitor is negligible in the passband, phase shifts do not reduce magnitude, and the bias network affects the loading rather than the gain directly. Loading between stages is the usual reason a cascade underperforms the arithmetic, and it is worth computing rather than assuming. Working one numerical case through both schemes side by side fixes the distinction better than any rule of thumb.
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