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Variable costs increase when output rises.
Productivity
An evaluation of how effectively a person, machine, factory, or system transforms inputs into valuable outputs.
Pure Rent
The return to any factor of production that is in fixed supply.
Fixed Supply
A condition where the quantity of a particular good, service, or resource does not change, regardless of the price.
MRP
Marginal Revenue Product, which refers to the additional revenue generated from employing one more unit of a resource.
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