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Marginal Productivity
The change in output resulting from employing one more unit of a particular input, keeping all other inputs constant.
Income Distribution
Refers to how a nation’s total GDP is distributed amongst its population.
Equilibrium Quantity
The level of output at which the demand for a product matches its supply, marking a state of balance in the market.
Equilibrium Price
The price point in a market at which the supply of goods matches demand, leading to a stable market condition.
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