Examlex
Explain what the scientific method is and describe the various steps involved in it.
Output Effect
The output effect refers to the impact changes in production volume have on a company's total costs and profitability.
Substitute Resource
A resource that can be used in place of another in production processes, often influencing supply and price levels.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource, such as labor or capital.
Law of Diminishing Returns
An economic principle stating that as one input in the production process is incrementally increased, holding all other inputs constant, there will be a point at which the added output from each additional unit of input will start to decrease.
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