Examlex
Ethical egoism is a descriptive theory.
Labor
Human effort used in the production of goods and services.
Marginal Product
Refers to the additional output resulting from using one more unit of a production input, holding all other inputs constant.
Capital Input
The amount of capital goods used in the production process, influencing the output.
Competitive Firms
Companies that operate in a market where there are many buyers and sellers, and they have no control over the market price of their product.
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