The Protocol Used to Define the Process Illustrated in the Accompanying

question 2

Short Answer

The protocol used to define the process illustrated in the accompanying figure on the Internet is a communications protocol known as ____________________.

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Definitions:

Short Run

A period in economics where at least one factor of production is fixed, limiting the adjustments a firm or industry can make.

Inputs

Resources such as labor, materials, and capital that are used in the production process to create goods and services.

Output

The total amount of goods or services produced by an individual, firm, or country over a specific period.

Marginal Product

The additional output that is produced by using one more unit of a particular input, while keeping other inputs constant.