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Explain why some firms may use strategic intent.
Resource Cost
The cost associated with the consumption or use of resources, including materials, labor, and capital in the production of goods and services.
Output
The amount of products or services produced by a company, industry, or economy in a specified period.
Labor Demand Curve
A graphical representation showing the relationship between the wage rate and the quantity of labor employers are willing to hire.
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
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