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What is the maximum ability of a substance to withstand pressure without being crushed or deformed?
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
Marginal Product Curve
A graphical representation that shows how the addition of one more unit of a resource to production affects the output of a product.
Total Product Curve
A graphical representation showing how the total quantity of output varies with changes in the quantity of a single input while other inputs are held constant.
Marginal Cost Curve
A graphical representation showing how the cost of producing one additional unit of a good varies as production increases.
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