Consumers Are Encouraged to "Buy Local

question 29

Multiple Choice

Consumers are encouraged to "buy local." What does "locally grown" mean? 

• A) Within 10 miles 
• B) Within 25 miles 
• C) Within 50 miles 
• D) Within 100 miles 
• E) There is no exact definition.

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Definitions:

Marginal Product

The additional output that results from using one more unit of a particular input, holding other inputs constant.

Average Product

The average output produced per unit of a factor of production over a specific period, often calculated for labor or capital.

Input

The resources used in the production process, such as labor, materials, and machinery.

Explicit Costs

These are direct payments made to others in the course of running a business, such as wages, rent, and materials.