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What developments occurred within emerging corporations that resulted in a concentration of wealth and power?
Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market.
Efficiency Wage
A higher wage paid by employers to increase productivity by attracting better applicants, reducing turnover, and motivating employees.
Marginal Productivity
The additional output that is produced by adding one more unit of a factor of production, holding other factors constant.
Income Distribution
The way in which total income is divided among the population or different groups in an economy.
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