Examlex
We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has increased. Which of the following events could be responsible for this?
Diminishing Marginal Product
The principle that as more of a variable input is added to a fixed input, the additional output produced from each new unit of input will eventually decrease.
Production Function
A production function describes the relationship between inputs used in production and the output generated from those inputs.
Marginal Product
The additional output gained by adding one more unit of a specific input, keeping all other inputs constant.
Profitability
A measure of the ability of a company or a business sector to generate earnings compared to its expenses and other relevant costs incurred during a specific period of time.
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