Examlex
Hypnotized subjects who are told not to see certain lines claim that they do not see them. How do we know that they do see them?
Implicit Costs
Indirect expenses that do not involve a direct cash outlay but represent an opportunity cost, such as using resources for one purpose over another.
Average Product
The output per unit of input, such as the number of goods produced per worker, used to measure productivity efficiency.
Marginal Product
The additional output that is produced by employing one more unit of a factor of production, holding other factors constant.
Total Product
The overall quantity of output that a firm produces, typically over a specific period, given a certain level of input.
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