Global Positioning System Is a Worldwide Satellite-Based Tracking System That

question 21

True/False

Global positioning system is a worldwide satellite-based tracking system that enables users to determine their position anywhere on the earth.

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Definitions:

Diminishing Marginal Product

The decrease in the additional output gained from using an extra unit of a production input, holding all other inputs constant, beyond a certain point.

Marginal Product

The supplementary yield that comes from the utilization of an extra unit of a given input, with all other inputs remaining fixed.

Number of Workers

The total count of individuals currently employed or available for employment in a specific labor market.

Daily Output

The total quantity of goods or services produced by a firm or an economy in a single day.