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Variable
An element, feature, or factor that is liable to vary or change.
Marginal Product
This measures the additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.
Total Output
The entire quantity of goods or services produced by an individual, firm, industry, or economy within a specified period.
Implicit Costs
Costs that represent the value of resources used in production for which no direct payment is made.
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