Examlex
Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
William H. Seward, Seward's Icebox
Labor Supply
The total hours that workers are willing and able to work at a given wage rate, across an economy or market.
Marginal Revenue Product
The additional revenue a firm earns by employing one more unit of input, such as labor or capital.
Variable Input
An input in the production process that can be varied in the short term to adjust output, such as labor or raw materials.
Profit-maximizing
The process or strategy by which a firm determines the price and output level that returns the greatest profit.
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