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  • … is any human activity that creates or increases value. #341
  • Resources that are required to produce goods & services are called … #342
  • … of labor is the change in the total product due to change in the one unit of variable input. #343
  • Output of a firm can either be a final commodity or … product. #344
  • The cost that varies with the change in the output is called … #345
  • Average Fixed Cost plus Average Variable Cost is equal to … #346
  • … is the change in the total cost due to the change in the total output by one unit. #347
  • Labor market will be in equilibrium when … #348
  • Diminishing marginal product is when the marginal product of an input declines as the quantity of the input … #349
  • … promote equality and efficiency. #350
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