Describe Two Types of Staples and an Example of Their

question 16

Essay

Describe two types of staples and an example of their use.

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Definitions:

Marginal Revenue Product

The extra income earned by utilizing an additional unit of a production resource, while keeping all other resources unchanged.

Variable Input

Resources or inputs in production that change in quantity depending on the level of output, such as raw materials and direct labor hours.

Market Wage

The average or prevailing wage rate for a specific job in a particular market or industry.

Surplus

The condition that occurs when the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to a decrease in prices.