Examlex
Which two practices use workarounds?
Average Output
The total output produced divided by the number of units of input, measuring the efficiency or productivity of production.
Diminishing Marginal Returns
The principle that as an additional unit of a factor of production is added to a fixed amount of other factors, the increase in output will eventually decrease.
Variable Inputs
Refers to inputs used in production that can be adjusted in the short term to meet changes in output levels, such as labor or raw materials.
Returns To Scale
A concept in economics that describes how a proportionate increase in all inputs affects the level of output.
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