Examlex
A _____ is a locally operated correctional facility that confines people before and after conviction.
Average Product
The output produced per unit of a factor of production, calculated by dividing total product by the quantity of the input used in production.
Marginal Product
The additional output resulting from the use of one more unit of a factor of production, holding other factors constant.
Factor Demand
The demand for productive resources (like labor, land, and capital) that businesses need to produce goods and services.
Marginal Product
The extra output produced by using an additional unit of a particular production factor, while holding other factors steady.
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