Examlex
Recall that Frederic Bartlett (1932) interviewed both a Scotsman and a Bantu herdsman about the particulars of a cattle transaction.The Bantu herdsman recited from memory many details,but the Scot had to consult his notes.If this difference were the result of the cultural influence on schemas,the Scot would be more likely to notice and remember the _______ than would the Bantu herdsman.
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.
Factor Price
The price at which factors of production (land, labor, capital) are bought and sold.
Production Function
A mathematical model that describes the relationship between inputs used in production and the resulting output.
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