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Describe the different types of continuous improvement.
Least-Cost Combination
is an economic principle where firms aim to produce a given output at the minimum possible cost by choosing the optimal combination of inputs.
Purely Competitive Conditions
Purely competitive conditions describe a market situation where numerous small firms compete against each other, selling homogeneous products, with no single firm able to influence market prices.
MU
MU typically stands for Marginal Utility, which is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.
Marginal Product
The additional output produced as a result of using one more unit of a variable input, like labor or capital.
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