Examlex
In loosening a nut with a wrench,which of the following methods exerts the most torque?
Capital-labor Ratio
The ratio of the total capital employed by a firm to the number of its labor force, indicating the amount of capital used per worker.
Production Function
Function showing the highest output that a firm can produce for every specified combination of inputs.
Annual Output
The total production or quantity of goods and services produced by a company or economy in one year.
Economies of Scale
The cost advantage achieved by an increase in production, leading to a decrease in the average cost per unit through efficient allocation of resources and spreading of fixed costs.
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