Examlex
A ____________ is a necessary condition for a person to move from the secondary to the primary labor market,but is no longer a sufficient condition.
Diminishing
A principle often referring to diminishing returns, where additional inputs result in progressively smaller increases in output.
Marginal Product
The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.
Production Function
An economic model that describes the relationship between the inputs a firm uses and the output it creates.
Competitive
Relates to a market situation where multiple sellers are trying to appeal to the same customers, often leading to innovation and better prices.
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