Examlex
The longer the time period that suppliers have to adjust to price changes, the
Increasing Returns
An increase in a firm’s output by a larger percentage than the percentage increase in its inputs.
Diminishing Returns
A principle stating that after a certain point, additional investment or effort yields progressively smaller increases in output.
Marginal-cost Curve
The marginal-cost curve represents how the cost of producing one additional unit of a good changes as its production volume varies.
Marginal Product
The additional output that is generated by employing one more unit of a specific input, ceteris paribus.
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