Examlex
Which of the following statements is CORRECT?
Output
The total amount of goods or services produced by a company, industry, or economy within a particular period.
Diminishing Marginal Returns
A rule indicating that when increasing amounts of a variable input are introduced to a constant input, the output gained from each subsequent unit of input will ultimately diminish.
Total Product
The total quantity of goods or services produced by a firm or economy during a specific period.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, while holding all other inputs constant.
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