Examlex
A rebate is a discount to wholesalers and retailers for performing channel functions.
Diminishing Marginal Returns
A rule indicating that when increasing amounts of a variable input are introduced to a constant input, the output gained from each subsequent unit of input will ultimately diminish.
Total Product
The total quantity of goods or services produced by a firm or economy during a specific period.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, while holding all other inputs constant.
Total Product
The entire quantity of output or goods produced by a firm, given its current inputs.
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