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A(n) contract is a contract that at its formation has an illegal object or serious defects.
Marginal Revenue Product
The extra income produced by utilizing an additional unit of a resource or production factor.
MRP Curve
The Marginal Revenue Product curve, representing the additional revenue generated by hiring one more unit of a resource in the factor market.
Wage Rate
The standardized payment given to employees for their labor, typically denoted as an amount per hour or per year.
Marginal Revenue Product
The additional revenue generated by employing one more unit of a resource, factor, or input.
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