Examlex
Which of these is NOT a factor of economic growth?
Perfect Competition
A market structure characterized by many buyers and sellers, homogenous products, and the free entry and exit of firms, leading to price takers.
Marginal Product
The additional output generated by employing one more unit of a certain input, such as labor or capital.
VMPL
The Value of Marginal Product of Labor, which is the additional value created by employing one more unit of labor.
Profit-maximizing
The process by which a firm determines the price and output level that generates the most profit.
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