Examlex
If the price per bushel of apples increased from $7.00 to $8.00 because of a poor harvest, the
Total Product
The total output or quantity of goods produced by a firm or economy at a given level of input.
Diminishing Returns
A principle stating that if one factor of production is increased while other factors are held constant, the incremental increases in output will eventually decrease.
Labor
The human effort, physical or mental, used in the production of goods and services.
Marginal Product
Marginal Product is the additional output resulting from the use of one more unit of a production input, holding all other inputs constant.
Q38: Normal goods are those for which demand
Q64: Looking at the components of the income
Q73: The opportunity cost of a hot dog
Q235: The quantity supplied of a good or
Q245: A country that must decrease production of
Q295: The law of demand implies that, other
Q311: What is the distinction between gross investment
Q349: The quantity supplied of a good or
Q387: In the above figure, what is the
Q422: In the market for bananas, the price