Examlex
General guidelines can focus organizational actions when a choice among various actions arises. Which of the following terms refers to these guidelines?
Marginal Revenue Product
The additional revenue a firm earns by employing one more unit of input, such as labor or capital.
Variable Input
An input in the production process that can be varied in the short term to adjust output, such as labor or raw materials.
Profit-maximizing
The process or strategy by which a firm determines the price and output level that returns the greatest profit.
Output
The total amount of goods or services produced by a firm, industry, or economy in a given period.
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