Examlex
Match each term with its definition.
-All the processes involved in the taking in and utilization of food substances by which growth,repair,and maintenance of activities in the body as a whole or in any of its parts are accomplished
Marginal Product
The increase in output resulting from a one-unit increase in the amount of a single input, holding all other inputs constant.
Wage Rate
The fixed amount of compensation or payment made to an employee by an employer in return for work performed, typically expressed on an hourly, daily, or piecework basis.
Variable Inputs
Resources used in production that vary with the level of output, such as raw materials and labor hours.
Marginal Revenue
The additional income received from selling one more unit of a good or service; it is a cornerstone concept in microeconomics for optimizing profit.
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