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Eclectic therapists
Variable Input
A variable input is a resource or factor of production whose quantity can be changed easily by a firm in response to changes in production volume or demand, such as labor or raw materials.
Marginal Product
The extra production achieved by the use of an extra unit of a specific input while keeping other inputs unchanged.
Resource Demand Curve
A graph showing the relationship between the price of a resource and the quantity of that resource demanded by firms.
Imperfectly Competitive
A market structure where the conditions for perfect competition are not fully met, including monopolistic competition and oligopoly.
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