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Value of Marginal Product
The additional revenue generated by employing one more unit of a factor of production, such as labor.
Marginal Product
The increase in output resulting from a one-unit increase in the input of a production factor, holding all other inputs constant.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
Labor-supply Curve
A graphical representation showing the relationship between the quantity of labor supplied and the wage rate.
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