____________________ Is a Decreased Responsiveness to an Indifferent Stimulus That

question 302

Short Answer

____________________ is a decreased responsiveness to an indifferent stimulus that is presented repeatedly.

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Definitions:

Average Cost Curve

A graphical representation showing the average cost of production at different levels of output.

Production Function

A mathematical model describing the relation between input quantities and their respective outputs.

Marginal Products

A new definition for the additional units of output gained by employing one more unit of a specific input, keeping all other inputs constant.

Law of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain the same.