Simplify

question 40

Multiple Choice

Simplify:

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Definitions:

Diminishing Returns

A principle stating that as additional amounts of a variable input are added to a fixed input, beyond some point the marginal product of the variable input begins to decrease.

Unit of Labor

A measure of labor input, often represented by one worker or one hour of work, used to calculate productivity or costs.

Marginal Cost

The price of fabricating another unit of a good or service.

Total Cost

The sum of all costs incurred in the production of goods or services, including fixed and variable costs.