Examlex
Benchmarking is a process that companies use to look at their practices and performance in a given area and then compare them with other companies.
Total Product Curve
A graphical representation showing how the total output of a firm changes as the amount of a single input changes, holding all other inputs constant.
Average Product
The output per unit of input, calculated by dividing total production by the number of units of input.
Marginal Product
The additional output derived from the use of one more unit of a production input, while holding other inputs constant.
Technologically Efficient
A state of production where it is not possible to increase the production of one good without decreasing the production of another, given current technology.
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