Examlex
____________________________ is important in the synthesis of thyroid hormone. Lack of it will lead to a goiter.
Variable Factor
In economics, an input in the production process that can be adjusted in the short run to change the quantity of output.
Fixed Factors
Inputs in the production process that cannot be easily increased or decreased in a short period of time.
Constant Returns To Scale
a situation in production where increasing all inputs by the same percentage results in output increasing by that same percentage.
Long-run Profits
The potential earnings of a business over a period long enough for all inputs to be adjusted, considering the firm's ability to enter or exit markets.
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