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Marginal Product
The additional output that is produced by employing one more unit of a specific input, holding other inputs constant.
Skilled Workers
Employees who have specialized training, knowledge, and experience in certain fields, making them highly valuable in the workforce.
Value Of Marginal Product
The additional revenue generated by employing one more unit of a factor, such as labor or capital.
Wage Rate
The amount of money paid to an employee per unit of time, such as hourly, daily, or annually.
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