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Before leaving his house every day,Wayne has to lock and unlock his door 11 times.If he leaves his house without carrying out this ritual,he will constantly worry about his door being unlocked.Based on his behavior,Wayne MOST likely has:
Total Product
The total quantity of output produced by a firm or economy as a result of combining inputs of labor and capital over a specific time period.
Average Product
The output produced per unit of input used, calculated by dividing total output by the quantity of inputs.
Labor
The effort by humans to produce goods or services in the economy.
Marginal Product
The extra output produced from using an additional unit of a specific input while keeping all other inputs unchanged.
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