Examlex
What did George Gallup use to accurately predict the outcome of the 1936 election?
Total Product
The overall quantity of output that a firm produces, usually within a given period of time, based on the input of resources.
Marginal Product
The additional output that is produced by employing one more unit of a particular input, such as labor or capital.
Average Product
The output per unit of input, calculated by dividing total output by the total amount of input used.
Short-Run
A period during which at least one input, typically capital, is fixed, influencing the flexibility of businesses to adjust to market changes.
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