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Marginal Revenue Product
The extra income produced by using an additional unit of a resource or input in the production process.
Wage Rate
The fixed amount of compensation or payment a worker receives from an employer in exchange for labor, typically measured per hour or piece of work done.
Diminishing Marginal Product
The decrease in the output of an additional unit of input when all other inputs are held constant beyond a certain point.
Marginal Product
The additional output gained from employing one more unit of a certain input, keeping all other inputs constant.
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