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Elasticity of Resource Demand
The measure of how much the quantity demanded of a resource changes in response to a change in its price.
MRP
Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a resource.
Wage Rate
The amount of money paid to an employee per unit of time worked, often hourly, daily, or annually.
Complementary Resources
Goods or services that are used together, where the use of one increases the value or demand for the other.
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