Examlex
In a monopoly situation, there is no close substitute for the product or service.
Total Product
The total quantity of output produced by a firm over a given period of time.
Average Product
The output per unit of a particular input, calculated by dividing total output by the quantity of inputs.
Labor
Human effort, either physical or mental, used in the production of goods and services.
Average Product
The output per unit of input, calculated by dividing the total output by the number of units of the input.
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