Examlex
If the marginal revenue product for a firm exceeds the market wage rate, the firm should _____ in order to maximize profits.
Marginal Cost
The expenditure for assembling another unit of a product or service.
Short-Run Equilibrium
A state in which market supply and demand balance each other, and as a result, prices become stable for a short period.
Constant Returns
A situation in economics where increasing the scale of production does not affect the long-run average cost of production, implying it remains constant.
Initial Plant Sizes
The original capacity or scale of a facility when it first begins operations.
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