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If the marginal productivity of labor was the sole determinant of household income in the U.S., then
Purely Competitive
A market structure characterized by a large number of small firms, homogenous products, and no single firm having control over the market price.
Wage Rate
The amount of money paid to a worker per unit of time, often expressed as an hourly rate or annual salary.
Profit-Maximizing
The process of adjusting production and sale strategies to achieve the highest possible profit margin.
Purely Competitive
A market structure defined by a large number of sellers offering identical or very similar products, leading to a high level of competition and prices determined by supply and demand.
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