Examlex
What kind of airflow is necessary for speech production?
Diminishing Rate
A principle stating that if one factor of production is increased while others are held constant, the incremental gains in output will eventually decrease.
Long Run
Refers to a period in economics where all factors of production can be adjusted, and all costs are variable, allowing for complete industry adjustment.
Renovate
The process of restoring or improving a building, room, or structure to make it more attractive, functional, or to bring it up to current standards.
Marginal Product Curve
A graphical representation showing how the addition of a single unit of resource alters the total output of a good or service.
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