Examlex
What refers to devices that connect directly to other devices?
Marginal Product
The additional output that is produced by employing one more unit of a factor of production, holding other factors constant.
Total Product
The overall quantity of output that a firm produces, typically over a specific period, given a certain level of input.
Marginal Product
The additional output that is produced by using one more unit of a particular input, assuming all other inputs remain constant.
Implicit Costs
The opportunity costs that arise from using resources that a company already owns for production, instead of earning revenue from these resources elsewhere.
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