Examlex
What is often considered to be the first psychology laboratory in the United States was established by ____.
Diminishing Returns
A principle stating that adding an additional factor of production results in smaller increases in output.
Marginal Product
The additional output resulting from the use of one more unit of a factor of production.
Labor
Human effort used in the production of goods and services.
Perfect Competition
A market structure characterized by a large number of small firms, identical products sold by all firms, no barriers to enter or exit the market, and perfect knowledge of prices and technology.
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