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A firm used to produce a product using three units of labor and one unit of capital. The firm discovers that it can produce more output at a lower cost if it combines two units of labor with two units of capital. This is an example of
Endothermic
Describes a process or reaction that absorbs energy from its surroundings, typically in the form of heat.
Equilibrium Concentration
The concentration of reactants and products in a chemical reaction that remains constant over time at equilibrium.
Starting Concentrations
The initial amounts of reactants in a chemical reaction, usually expressed in molarity or mass.
ΔG°
The standard Gibbs free energy change, indicating the spontaneity of a reaction under standard conditions.
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