Examlex
The law of diminishing marginal returns says that as the firm uses more of ________, with a given quantity of ________, the ________ product of the variable input eventually diminishes.
Subjective Probabilities
Probability estimates based on an individual's personal judgment or opinion rather than on objective data or specific calculations.
Marginal Utility
The additional satisfaction or utility that a consumer derives from consuming one more unit of a good or service.
Income Function
A mathematical representation that shows the relationship between an individual's or entity's income and one or more variables, such as the level of education or experience.
Diminishing Marginal Utility
Principle that as more of a good is consumed, the consumption of additional amounts will yield smaller additions to utility.
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