An Open System Exchanges Energy and Materials with Its Surroundings

question 34

True/False

An open system exchanges energy and materials with its surroundings.

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Definitions:

Factor of Production

An economic resource used in the production of goods and services, including labor, capital, land, and entrepreneurship.

Market

A group of buyers and sellers of a particular good or service.

Diminishing

A principle often referring to diminishing returns, where additional inputs result in progressively smaller increases in output.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.