Examlex
________ begins when a consumer perceives a need that might be satisfied by the purchase and consumption of a product.
Average Product
Average Product is the output produced, on average, by each unit of a variable factor of production, such as labor, calculated by dividing total product by the number of variable input units used in production.
Total Product
The total quantity of output produced by a firm for a given quantity of inputs over a specified period.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, holding all other inputs constant.
Average Product
The output, on average, produced by each unit of a variable input, like labor.
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