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Price of Labor
The wage rate or compensation given to workers for their labor services, typically influenced by the supply and demand for labor in the market.
Output Effect
The output effect describes how changes in price can affect the quantity of goods or services produced by firms, often related to the concepts of supply and demand.
Technological Improvement
Enhancements or advancements in technology that increase productivity, efficiency, or quality in the production of goods and services.
Marginal Product
The additional output that results from using one more unit of a production input, holding all other inputs constant.
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