Examlex
Economists use the phrase ceteris paribus to express the assumption
Widget Industry
A generic term often used to refer to any industry producing unspecified or hypothetical products for illustrative examples in discussions.
Minimum Wage
The lowest legal wage that can be paid to workers, determined by government regulation.
Market Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in a given labor market.
Widget Industry
A fictional or generic term often used to represent any sector of manufacturing, without specifying a particular type of product.
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