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Explain the Output Effect of a Factor Price Increase

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Essay

Explain the output effect of a factor price increase.


Definitions:

Thrombin

An enzyme in blood plasma that causes the clotting of blood by converting fibrinogen to fibrin.

Prothrombin

A protein present in blood plasma that is converted into active thrombin during coagulation, playing a key role in blood clot formation.

Fibrinogen

A soluble plasma protein that is converted to the insoluble protein fibrin during blood clotting.

Fibrin

A fibrous protein involved in the clotting of blood, formed from fibrinogen in response to injury.

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