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VMPL Curve
The VMPL curve, or the Value of Marginal Product of Labor curve, represents the additional value created by employing one more unit of labor, holding other inputs constant.
Market Wage Rate
The prevailing rate of pay for a specific job in the competitive labor market, determined by supply and demand for labor.
Labor
The human effort, including physical and mental exertion, used in the production of goods and services.
Marginal Product
Marginal product refers to the increase in output that results from employing one more unit of a particular input while keeping other inputs constant.
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