Examlex
Which of the following BEST describes the original farming methods Janis and John were using?
Marginal Product
The additional output that can be produced by adding one more unit of a specific input, whilst holding other inputs constant.
Total Product
The total output of goods or services produced by a firm during a given period of time.
Diminishing Marginal Returns
A principle stating that as more of a production input is added, holding all others constant, the resulting additional output will eventually decrease.
Range
The difference between the highest and lowest values in a data set, often used to measure variability.
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