Examlex
_____ setup elements can be done while the machine is working on another order.
Hours
The measure of time equivalent to 60 minutes, often used to quantify work or activity duration.
Diminishing Marginal Product
The decrease in the additional output that is generated when one more unit of input is added, holding all other inputs constant.
Perfectly Competitive
A market structure where there are many sellers and buyers, products are homogeneous, and there is free entry and exit, leading to the price being determined by supply and demand.
Product Market
The marketplace in which finished goods and services are traded between producers and consumers.
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