Examlex
Why are two children born to the same parents (not identical twins) unlikely to have the same genetic makeup?
Marginal Product
The extra output or benefit received from using one additional unit of a resource.
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action, the benefits you could have received by taking an alternative action.
Marginal Cost
The cost added by producing one more item of a product, a crucial factor in economic decision-making regarding production levels.
Economic Profit
The difference between a firm’s total revenues and its total costs, including both explicit and implicit costs, representing the actual financial gain.
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