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Give a brief overview of workholding.
Wage
A wage is the compensation paid to employees for their labor, typically calculated on an hourly, daily, or piecework basis.
Output
The quantity of goods or services produced in a given period by an individual, firm, or country.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor of production, holding all other factors constant.
Marginal Product
The additional output gained from employing an extra unit of input in the production process.
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