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You are at a parade where there are a number of marching bands. You perceive the bands that are all in the same uniforms as being grouped together. The red uniforms are one band, the green uniforms another, and so forth. You have this perceptual experience because of the law of
Marginal Product
The additional output produced as a result of adding one more unit of a specific input, holding other inputs constant.
Total Product
The total output or production achieved by a firm with a given amount of resources.
Average Product
The output per unit of input, calculated by dividing the total product by the quantity of input, reflecting the efficiency of production.
Marginal Product
The additional output resulting from the use of one more unit of a particular input, holding other inputs constant.
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