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Marginal Cost
The additional cost incurred from producing one more unit of a good or service.
Diminishing Returns
A principle stating that as more of a variable input is added to fixed inputs, the additional output gained from each new unit of input eventually decreases.
Marginal Product
The additional output that can be produced by adding one more unit of a specific input, ceteris paribus.
Production Technique
The method or process used to convert inputs into outputs in manufacturing or service delivery.
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