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What is the difference between a mediator and an arbitrator?
Marginal Revenue Product
The additional revenue a firm generates by employing one more unit of input, such as labor or capital.
Perfectly Competitive Market
A market characterized by a high level of competition, where no single buyer or seller can influence prices and products are homogeneous.
Marginal Productivity Principle
An economic principle stating that employers will pay a wage equal to the additional value generated by the last unit of labor hired.
Profit-Maximizing Firm
A company's aim to achieve the highest possible profit through adjusting its production and pricing strategies.
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