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Who has been credited with launching the factory system in America?
Wage Rate
The amount of money a worker is paid per unit of time, such as an hour or a month.
Marginal Revenue Product
The extra income produced by using an additional unit of a production input.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor of production, such as labor or capital.
Marginal Revenue Product Curve
A graph that illustrates the additional revenue generated from employing one more unit of a resource.
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