Examlex
If a product is price elastic, then an increase in price will cause a decrease in total revenue earned.
Marginal Product
The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.
Marginal Productivity Theory
An economic theory that explains the determination of wages in the labor market, suggesting that the wage of a worker is set at a level equal to their marginal contribution to the production process.
Income Disparities
The differences in income levels among individuals, households, or regions, indicating inequality in the distribution of wealth.
Compensating Differentials
Wage differentials that compensate workers for the job attributes, such as difficulty level or undesirable conditions, indicating the premium required to attract workers to these positions.
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