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Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. The firm is able to produce 176 units of output per day when 16 workers are hired (holding other inputs fixed) . Then the marginal product of the 16th worker is
Effective
Producing a decided, decisive, or desired effect.
Product
An item or service created through a process and offered in the market to satisfy a need or want.
Institutional
Pertains to the structured and established practices, organizations, and relationships, often within a particular sociopolitical context.
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