Examlex
Which of the following statements about full employment is correct? I. Full employment means that the unemployment rate is less than 1/2 of 1 percent.
II) Full employment means that the transaction costs associated with getting a job are zero.
Fixed Input
Production factor that cannot be varied.
Technological Improvement
A process of innovation where new technologies or improvements to existing ones increase the efficiency or effectiveness of products, services, or processes.
Diminishing Returns
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot increase proportionally.
Total Product Curve
A graphical representation showing the relationship between the total output produced and the quantity of a single input.
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