Figure 1.2 Using the Figure Above, Identify the Labeled Part

question 44

Short Answer

Figure 1.2

Using the figure above, identify the labeled part.
-Label G: ______________________________

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Definitions:

Productive

The efficiency at which an individual, company, or economy can convert input resources into useful output.

Diminish Profits

The reduction in the amount of earnings as a result of increased costs, decreased revenue, or both.

Economic Profit

The financial difference created by subtracting total explicit and implicit expenses from total revenue in a company.

Fixed Input

A resource or factor of production whose quantity does not change with the level of output in the short run.