Examlex
An experiment's generalizability or applicability beyond the original sample to other subjects, settings, and times is called _______ validity.
Labor Productivity
An indicator of economic efficiency that assesses the volume of goods and services generated (output) in relation to the total labor hours expended in their production.
Competitive Markets
Markets characterized by many buyers and sellers, free entry and exit, and products that are close substitutes, leading to price taking behavior.
Equilibrium Level
A state in a market where supply equals demand, resulting in stable prices and quantities where no economic forces are compelling a change.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor, such as labor or capital.
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