Examlex
-Refer to the graph. Which phrase best describes what it represents?
Average Product
The output produced, on average, by each unit of a variable input, such as labor or capital, in the production process.
Total Product
Total product refers to the total quantity of output that a firm produces over a given period, typically in relation to varying levels of input.
Marginal Product
The additional output resulting from the use of one more unit of a production factor.
Unit Of Labor
A measurement of work or effort by labor forces, often referred to in terms of hours worked or the number of workers.
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