Examlex
Which of the following pairs of propositions is equivalent?
Marginal Product
The additional output resulting from the use of one more unit of a variable input, holding all other inputs constant.
Least Costly
The most economical or budget-friendly option among a set of alternatives.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, indicated by a greater change in quantity demanded.
Labor Costs
The total amount of money businesses have to spend on paying their employees, including wages, salaries, and benefits.
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