Examlex
Figure 2-13
-Refer to Figure 2-10.The slope of the curve between points A and B is
Marginal Product
The extra production generated when one more unit of a particular input is added, with all other inputs remaining unchanged.
Law of Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.
Extra Output
The additional production that is generated as a result of adding more of a variable input, such as labor or capital.
Diminishing Returns
A principle stating that as additional amounts of a variable input are added to a fixed input, beyond some point the marginal product of the variable input begins to decrease.
Q21: Refer to Figure 3-2.If the production possibilities
Q100: Refer to Table 3-4.The opportunity cost of
Q167: If Iowa's opportunity cost of corn is
Q176: The gains from trade are<br>A) evident in
Q244: Refer to Figure 3-6.If the production possibilities
Q263: To increase living standards,public policy should<br>A) ensure
Q312: "Prices rise when the quantity of money
Q323: Refer to Figure 2-4.It is possible for
Q335: For economists,conducting experiments is often difficult and
Q374: The two words most often used by