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Output
Output refers to the quantity of goods or services produced by a firm, industry, or economy within a certain period.
Increasing Returns
An economic principle where a proportionate increase in inputs leads to a greater proportionate increase in outputs, typically seen in production processes.
Constant Returns
A situation in production where increasing the inputs by a certain proportion results in an increase in output by the same proportion.
Input Prices
The costs associated with the purchase of the materials, labor, and other inputs required for the production of goods or services.
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