Examlex
Which of the following involves making slight modifications to existing products in an effort to distinguish a product from the competition?
Implicit Costs
Indirect expenses that do not involve a direct cash outlay but represent an opportunity cost, such as using resources for one purpose over another.
Average Product
The output per unit of input, such as the number of goods produced per worker, used to measure productivity efficiency.
Marginal Product
The additional output that is produced by employing one more unit of a factor of production, holding other factors constant.
Total Product
The overall quantity of output that a firm produces, typically over a specific period, given a certain level of input.
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