Examlex
Which of the following can assist a small business and helps to determine standards based on industry?
Marginal Product
The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.
Production Function
An economic model that describes the relationship between the inputs a firm uses and the output it creates.
Competitive
Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.
Labor Market
An economic marketplace that matches potential employers with employees based on their skills, job requirements, and wage expectations.
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