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Other factors held constant, if there are few close substitutes for a good, demand is more elastic for it.
Equilibrium Wage
The rate of wages where the supply of workers equals the demand for workers.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, while holding other inputs constant.
Marginal Product
The additional output that is produced by employing one more unit of a particular input, holding other inputs constant.
Market Price
The current price at which an asset or service can be bought or sold.
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