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Describe the problem of blocked earnings.
Marginal Expenditure
The supplementary cost resulting from acquiring an extra unit of a good or service.
Economic Rent
Economic rent is the excess payment made to or received by a factor of production over and above what would have been needed to bring that factor into production.
Competitive Factor Market
A market for inputs where firms purchase resources necessary for production, characterized by many sellers and buyers.
Inframarginal Workers
Employees whose productivity and wage are above the minimum required for employment, but are not the highest performers.
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