Examlex
Which of the following theories states that an organization must respond to the needs and demands of other organizations in its environment?
Average Product
The output per unit of input, typically calculated by dividing total product by the quantity of input used in its production.
Marginal Product
The additional output gained by employing one more unit of input, such as labor or capital.
Marginal Product
The extra output that is produced by using one more unit of a factor, such as labor or capital, while keeping other factors constant.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable.
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