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Examine the Words And/or Phrases Below and Determine the Relationship

question 69

Multiple Choice

Examine the words and/or phrases below and determine the relationship among the majority of words/phrases. Choose the option that does not fit the pattern.


Definitions:

Factor Of Production

Inputs employed in the production of goods and services, typically classified as land, labor, capital, and occasionally entrepreneurship.

Average Product

The output per unit of input, such as labor or capital, used in the production process.

Marginal Productivity Theory

A principle in economics that suggests that the addition of a unit of labor or capital leads to a change in output, essentially quantifying the extra output produced by adding one more unit of a resource.

Equilibrium Value

The price and quantity at which the supply of an item equals the demand for that item, achieving a balance in the market.

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