Examlex
The terms equality and efficiency are similar in that they both refer to benefits to society. However, they are different in that
Retail Trade
The selling of goods and services directly to consumers, typically in small quantities.
Marginal Labor Cost
The additional cost incurred by hiring one more unit of labor or the cost of producing one additional unit of output with an additional unit of labor.
Wage Rate
The standard amount of compensation individuals receive in exchange for their labor or services, typically expressed per hour, day, or piece rate.
Labor Demand
The total amount of workers that employers want and are willing to hire at a given wage rate in a certain period.
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