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If, instead of being Mayor of Mulletsville, Bob had instead been the CEO of a local manufacturing corporation, his acceptance of cash payments in exchange for awarding a contract would be an example of what? Assume that he has a duty of fidelity to his corporation's board of directors.
Marginal Revenue Product
The additional revenue a firm earns by employing one more unit of input, like labor or capital, in the production process.
Wage Rate
The amount of compensation a worker receives for performing a service, typically measured per hour or unit of work.
Employment
The state of having a paid job or being engaged in a productive activity.
Marginal Wage Cost
The additional cost incurred by an employer for hiring one more unit of labor.
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