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Infant Tumi has been babbling for several months. What is his next likely linguistic milestone?
Marginal Product
The additional output gained by employing one more unit of input, holding the levels of other inputs constant.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource or factor of production.
Competitive Market
A market structure characterized by a large number of sellers and buyers, none of whom can influence the market price on their own.
Unit of Output
The individual item or specific quantity of a product produced by a company or an economic sector.
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