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Kristin and Lindsey are partners in Mobile Devise,an online marketing firm.
-Kristin signs a contract with Nature's Best Chocolate,a candy maker and seller,apparently on Mobile's behalf. The contract is binding on
Marginal Product
is the additional output that results from using one more unit of a particular input, holding other inputs constant.
Average Product
The output produced per unit of input, calculated by dividing total output by the number of units of input.
Law Of Diminishing Marginal Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain at a constant.
Total Output
The overall quantity of goods and services produced in an economy within a specific time frame.
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