Examlex
When police are conducting a search or seizure, they must be ________
Pin Factory
Illustration by Adam Smith in "The Wealth of Nations" on how division of labor increases productivity, using a pin factory as an example.
Diminishing Returns
The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but there will come a point where the added benefits will start to decrease.
Increasing Returns
An increase in firm’s output by a larger percentage than the percentage increase in its inputs.
MC
Marginal Cost, the change in total production cost that comes from making or producing one additional unit.
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