Examlex
Identify which of the following statements is true.
Units of Labor
Quantifiable measurements of labor force input, such as hours worked or number of workers, used in economic analysis to assess productivity or costs.
Diminishing Returns
A principle stating that as additional units of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.
Fixed Input
A production factor that remains unchanged regardless of the level of output in the short run.
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