Examlex
Explain what is meant by the term utility.What type of utility is created when a pharmacy changes its evening schedule to remain open for an extra hour in response to customer needs?
Fixed Input
A production factor that remains unchanged regardless of the level of output in the short run.
Marginal Product
The additional output generated by employing one more unit of a particular input, keeping other inputs constant.
Units of Labor
Measurements used to quantify the work input by labor forces, often referring to hours worked or number of workers.
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