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Use the figure below to answer the following questions.
Figure 26.3.1
-Refer to Figure 26.3.1. As Econoworld automatically adjusts to long-run equilibrium, the
Marginal Product
The additional output that is produced by employing one more unit of a factor of production, keeping all other inputs constant.
Fourth Worker
In the context of diminishing returns, it could refer to a point where adding an additional worker leads to a lesser increase in output.
Marginal Productivity
The extra output that a business gains by adding one more unit of input, such as labor or capital.
Income Distribution
The way in which a country’s total GDP is spread amongst its population, affecting economic equity and quality of life.
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