Examlex
A barometer is a device for measuring ________.
Average Product
The output produced per unit of a resource employed, calculated by dividing total product by the quantity of the resource used.
Labor
The application of human mental and physical endeavors in the manufacture of products and provision of services.
Fixed Input
Resource in production that cannot be changed in the short term, such as buildings and machinery.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to any change in market conditions.
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