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Least Costly Combination
An economic principle that firms seek to achieve by using the combination of factors of production that minimizes their costs while producing a given level of output.
Marginal Product Data
Information regarding the additional output that can be obtained by adding one more unit of a particular input, holding all other inputs constant.
Units of Output
are the measurable quantities of goods or services produced by a firm or economy.
Maximization of Profits
The process by which a company determines the price and output level that generates the most profit.
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