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Since rent controls have been in effect in New York City, apartments have been more plentiful.
Marginal Product
The increase in output that arises from an additional unit of input, holding all other inputs constant.
Profit-Maximizing Firm
A business entity's objective of adjusting production and sales to achieve the highest possible profit levels.
Wage Rate
The amount of money a worker is paid per unit of time, such as an hour or a month.
Marginal Cost
The cost related to the production of an additional unit of a product or service.
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