Examlex
Which of the following will float on water?
Fixed Input
A production factor that remains unchanged regardless of the level of output in the short run.
Marginal Product
The additional output generated by employing one more unit of a particular input, keeping other inputs constant.
Units of Labor
Measurements used to quantify the work input by labor forces, often referring to hours worked or number of workers.
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
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