Examlex
Which of the following are characteristics of an effective nurse manager? Select all that apply.
Substitution Effect
The economic understanding that as prices rise, or income decreases, consumers will replace more expensive items with less costly alternatives.
Output Effect
The impact on total production and economic output resulting from changes in price levels, influencing the quantity supplied or demanded.
Marginal Physical Product
The additional output that can be produced by adding one more unit of a specific input, while holding other inputs constant.
Additional Output
The extra amount of production generated as a result of increasing inputs or improving efficiency.
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