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If income were distributed solely according to marginal productivity,
Income
The financial gain earned or received by an individual or entity, often from employment, investments, or business operations.
GAAP
Generally Accepted Accounting Principles, which are a collection of commonly-followed accounting rules and standards for financial reporting.
Absorption Costing
An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a product.
Pricing
The process of determining the value at which goods or services will be sold, often considering factors such as production costs, market demand, and competition.
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