Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-enlightened despotism
Relative Price
The price of one good or service compared to another, usually considered in terms of opportunity cost.
Demand for Labor
The aggregate number of employees that employers intend and can employ at a particular rate of wages over a certain interval.
Total Product Schedule
A table or graph that shows the output produced by a firm with different quantities of variable input, holding all other inputs constant.
Market Wage Rate
The prevailing rate of pay for given types of labor in the market, determined by supply and demand.
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