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Two Needs in E

question 56

Short Answer

Two needs in E. R.G. theory are ______________ and ______________.


Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at different prices.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.

Market Wage Rate

The prevailing wage rate for a specific job in the labor market, determined by supply and demand for that type of work.

Marginal Product

The additional output that is produced as a result of adding one more unit of a specific input, while keeping other inputs constant.

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