Examlex
According to the model of the life cycle of a wave cyclone, the storm system is normally most intense ____.
Wage Differentials
The differences in wage rates due to the variations in the skill level, occupation, region, and other factors affecting compensation.
Diminishing Returns
The principle stating that as one factor of production is increased while others are held constant, a point will eventually be reached where additions of the factor yield progressively smaller increases in output.
Value Added
The increase in worth of a product or service as a result of a particular stage of production or as it moves through the supply chain.
Marginal Product
The increase in output resulting from a one-unit increase in the amount of a single input used, keeping all other inputs constant.
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