Examlex
The ______ effect refers to the phenomenon of genetics and environment tending to be matched, so that a person's genetic advantage or disadvantage intellectually will tend to be magnified over time due to environmental influences.
Labor
Human mental and physical contributions employed in the manufacturing of goods and services.
Marginal Product
The extra production obtained when one additional unit of a specific input is used, while all other inputs stay unchanged.
Labor Supply Curve
A graphical representation showing the relationship between the quantity of labor supplied and the wage rate in a given market.
Equilibrium
A state in a market where supply equals demand, with no external forces causing disruption, hence prices tend to stabilize.
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