Examlex
In a study on the effects of caffeine on memory, participants drank a bottle of tasteless water containing 100, 50, or 0milligrams of caffeine. Neither the researcher who handed outthe bottled water nor the study participants knew whether the water contained caffeine or not. This is an example of a _____study.
Labor
The physical and mental effort used in the production of goods and services.
Capital
Resources or assets that are used in the production of goods and services, including physical assets like machinery and buildings, and intangible assets like patents.
Fixed-Proportion
A production process in which the inputs are used in fixed ratios, with no substitution possible between them.
Perfect Substitutes
Goods or services that can be used in exactly the same way, where the consumer is indifferent between the two and will choose the cheaper one.
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