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Explain How the Vast, Continental Scale of the American Economy

question 47

Essay

Explain how the vast, continental scale of the American economy in the late 19th century shaped American transportation, manufacturing processes, marketing, and labor relations.

Comprehend the concepts of income, wealth, and economic measurements.
Understand the relationship between the marginal product of labor, wage, and equilibrium in the labor market.
Recognize the effect of technology on the marginal product of labor and overall employment.
Analyze the labor supply curve and labor-leisure tradeoff.

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