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Maria is a Latina who applies for a home loan.The loan is denied even though she has very good credit and income.Connor, who is White, has same credit and income applies for a home loan and is approved.Which of the following has occurred?
Marginal Product
The growth in production resulting from one more unit of input, while keeping all other inputs the same.
Total Product
The aggregate amount of goods or services generated by a business given a specific amount of resources.
Diminishing Rate
A principle stating that if one factor of production is increased while others are held constant, the incremental gains in output will eventually decrease.
Long Run
Refers to a period in economics where all factors of production can be adjusted, and all costs are variable, allowing for complete industry adjustment.
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