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Variable Inputs
Resources or factors of production that can be adjusted in the short run to meet changes in demand.
Diminishing Returns
An economic concept indicating that as more investment is made in a particular area, the rate of profit from that investment, after a certain point, starts to decline.
Marginal Product
The additional output produced by using one more unit of a particular input, while holding other inputs constant.
Marginal Product
The increase in output that results from employing one additional unit of a factor of production, while holding other factors constant.
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