Examlex
Suppose a shift of the labor-demand curve results in an increase of $5 in the equilibrium wage. How does this shift affect the value of the marginal product of labor?
Spillovers
Effects of an economic activity that impact third parties who are not directly involved in the activity, potentially leading to externalities.
Marginal Cost
The added cost incurred from the production of an extra unit of output.
Total Revenue
The total amount of money generated by a business from the sale of goods or services before any expenses are subtracted.
Life Expectancy
The average number of years a person is expected to live based on demographic factors such as current age, gender, and geographic location, calculated from statistical data.
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