Examlex
Which of the following statements are true of buffer systems? (Read carefully and select all of the correct statements.)
Labor Productivity
An indicator of economic efficiency that evaluates the quantity of goods and services produced (output) relative to the total hours spent in producing those goods and services.
Complementary Resources
Resources used together in production that increase each other's effectiveness.
Fixed Proportions
A production condition where inputs must be combined in strict, unchanging ratios to produce output.
Substitution Effect
The change in the quantity demanded of a good resulting from a change in its price, making it more or less expensive relative to other goods.
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