Examlex
A client asks the nurse,"What's the purpose of the liver?" Which of the following statements would be beneficial for the nurse to share with the client?
Marginal Product of Labor
The additional output produced as a result of employing one more unit of labor.
Economies of Scale
The cost advantages that a business obtains due to expansion, where the average cost per unit of output decreases with increasing scale.
Diseconomies of Scale
The situation where long-run average costs start to increase as the scale of operation grows beyond a certain point, leading to increased per-unit costs.
Diminishing Returns
A principle in economics indicating that adding more of one factor of production, while holding others constant, will at some point yield lower incremental per-unit returns.
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