Examlex
An elastic supply curve for labour means that a small increase in wages will significantly increase labour supply.
Product Outputs
The quantity of goods or services produced by a business or economy in a given period.
Marginal Product
The additional output produced as a result of using one more unit of a particular input, keeping other inputs constant.
Total Product
The total quantity of output produced by a firm from a given quantity of inputs during a specific period of time.
Fixed Cost
Any cost that in total does not change when the firm changes its output.
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