Examlex
The most successful U.S. new towns have been __________.
Law Of Diminishing Returns
An economic principle stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
Fixed Factor
A resource in the production process that remains constant, regardless of the level of output or production over a certain time period.
Total Product Curve
A graphical representation showing the output of a firm in relation to a single input while holding other inputs constant.
Marginal Product
The additional output produced as a result of adding one more unit of a particular input, keeping other inputs constant.
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