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Clay is very intelligent and Joshua is not very bright. On the basis of the meta-analysis by Griffeth, Hom, and Gaertner (2000) , we would expect Clay to be _________ with his job and Joshua to be ______ satisfied with his job.
Implicit Costs
The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.
Pin Factory
An example used by Adam Smith to describe the benefits of specialization and division of labor in manufacturing, increasing productivity and efficiency.
Constant Returns to Scale
A situation in production where increasing the amount of inputs results in a proportional increase in the output.
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