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Contrast critical empiricism with the middle-age reliance on the authority of the Church.
Marginal Product
The extra output generated from adding a single unit of a specific input, with all other inputs remaining unchanged.
Market Wage
Market wage is the prevailing rate of pay for a specific job in the labor market, determined by the supply and demand for labor specific to that job.
Labor Curve
A graphical representation of the relationship between the quantity of labor demanded by employers and the wage rate.
VMPL
The Value of Marginal Product of Labor, which represents the additional revenue generated by employing one more unit of labor.
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