Examlex
In the simple trade model,what is assumed about labor?
Market Wage
The prevailing wage rate in the labor market for a given type of work, determined by supply and demand for labor.
Labor Supply
The total hours that workers are willing and able to work at a given wage rate, within a specific economy or market.
Maximize Profits
The process of increasing the difference between total revenue and total cost to the highest possible level.
Productivity Increase
A rise in the output of goods and services produced per unit of input, often due to improvements in technology, processes, or efficiency.
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