Examlex
Which of the following preceded the October 1987 crash?
Diminishing Returns
A principle stating that as additional amounts of a variable input are added to a fixed input, beyond some point the marginal product of the variable input begins to decrease.
Unit of Labor
A measure of labor input, often represented by one worker or one hour of work, used to calculate productivity or costs.
Marginal Cost
The price of fabricating another unit of a good or service.
Total Cost
The sum of all costs incurred in the production of goods or services, including fixed and variable costs.
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