Examlex
Reaction time-the amount of time it takes to respond to a stimulus-increases with age, mainly because of sensory changes.
Marginal Productivity
The additional output that results from using one more unit of a specific factor of production, holding all other factors constant.
Marginal Cost Curve
A graphical representation showing how the cost of producing one more unit of a good changes as production levels vary.
Output
The quantity of goods or services produced by a business, industry, or economy.
Long Run
Period in which all inputs or factors of production can be varied, and all costs are variable, allowing companies to adjust to changes in market demand or production capabilities.
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