Examlex
What two items are needed to correctly code for local treatment of burns?
Decreasing Returns
A condition in economics where adding more input (like labor or capital) leads to progressively smaller increases in output.
Long-Run
A term referring to a period of time in economics during which all factors of production and costs are variable.
Short-Run
A period where at least one factor of production is fixed, and firms can only adjust the variable factors.
Diminishing Marginal Returns
A principle stating that as an investment in a particular area increases, the rate of profit from that investment, after a certain point, starts to decrease.
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