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Labor Demand Curve
A graphical representation that illustrates the quantity of labor that employers are willing and able to hire at different wage rates.
Marginal Labor Cost
The additional cost incurred by hiring an extra unit of labor.
Nominal Wage
Nominal wage refers to the wage paid to employees in current money terms, without adjustment for inflation.
Real Wage
The purchasing power of wages, considering inflation; it reflects the quantity of goods and services wages can buy.
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