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What is corvee labor?
Marginal Utility
The extra pleasure or benefit derived from using an additional unit of a product or service.
Marginal Rates
The additional cost or benefit associated with a small incremental increase in a unit of activity.
Utilities Possibilities Frontier
A concept in economics that represents all possible allocations of utility or satisfaction among different goods and services for a particular consumer or society, graphically.
Efficient
A state of productivity in which resources are used in the most cost-effective way without waste, achieving the highest possible output from a given input.
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