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Which of these is a forearm bone?
Substitution Effect
The change in demand for a good due to a change in its price, leading consumers to substitute it with another product.
Output Effect
When the price of any resource rises, the cost of production rises, which, in turn, lowers the supply of the final product. When supply falls, price rises, consequently reducing output.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor of production, holding all other factors constant.
Additional Revenue
Income gained from any additional unit of output or sale beyond the current level of production or service.
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