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Unnecessary restrictions to thinking tend to result in
Total Product
The total quantity of output produced by a firm or economy with a given amount of inputs.
Diminishing Returns
An economic principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.
Average Product
The output per unit of a specific factor of production, calculated by dividing total production by the quantity of the employed factor.
Law of Diminishing Returns
An economic principle stating that if one factor of production is increased while other factors are held constant, the resulting increase in output will eventually decrease.
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