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As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the GATT platform, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated, termed the _____.
Value of the Marginal Product
The extra income produced from the use of an additional unit of input, like capital or labor.
Marginal Product (MP)
The extra output generated from increasing the quantity of a particular input by one, while keeping other inputs unchanged.
Price (P)
The cost necessary to acquire a good or service.
Value of the Marginal Product
The additional revenue generated by employing one more unit of a factor, such as labor or capital, in the production process.
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