Examlex
Why is it very difficult to hold a specific person in Texas government responsible for anything?
Returns To Scale
Rate at which output increases as inputs are increased proportionately.
Increasing Marginal Product
A situation where each additional unit of input results in an increased amount of output.
Economic Rents
Extra earnings above the minimum amount necessary to keep a factor of production in its current use.
Accounting Costs
The explicit costs of a business, representing the actual outflows of cash for wages, rent, materials, and other tangible inputs.
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