Examlex
Product innovation and development is efficient if the marginal social cost of a new and improved product ________ its marginal social benefit. In monopolistic competition marginal revenue is less than price, so product innovation is probably ________ to its efficient level.
Production Function
An equation or graph that shows the maximum output that can be produced from a given set of inputs or resources, under certain conditions and technologies.
Returns To Scale
The rate at which production output increases as a result of proportional increases in all inputs.
Marginal Product
The additional output that results from using one more unit of a particular input, holding all other inputs constant.
Production Function
A mathematical equation that describes the maximum output that can be produced with a given set of inputs, such as labor and capital.
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