Examlex
What is construct validity in test development? What type of evidence does one use in the construct validation of an instrument?
Average Expenditure
Price paid per unit of a good.
Competitive Buyer
A buyer in a market who has no influence on the market price and must accept the market price as given.
Marginal Expenditure Curve
Curve describing the additional cost of purchasing one additional unit of a good.
Factor of Production
An economic resource that is used to produce goods and services, including land, labor, capital, and entrepreneurship.
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