Examlex
Please define the following key terms
-deflationary spiral
Total Product
The total quantity of output produced by a firm or economy, resulting from the use of given inputs over a specific period.
Marginal Cost
The cost incurred by producing one additional unit of a product or service.
4th Worker
The concept or individual representing the fourth hire in a sequence, often associated with incremental contribution or changes in team dynamics.
Short Run
A period of time in economics during which at least one input, like plant size, is fixed and cannot be changed.
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