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All of the following came together to form the New Right except
Equilibrium Wage
The pay rate where the amount of labor provided is equal to the amount of labor required.
Marginal Product
The additional output resulting from the use of one more unit of a variable input, such as labor or capital.
Equilibrium Wage
The salary point at which labor supply aligns perfectly with labor demand.
Marginal Product
The additional output that is produced by employing one more unit of a factor of production, holding other factors constant.
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