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Productive efficiency refers to a condition where marginal cost is equal to marginal revenue in the long run.
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.
Factor's Price
The payment for the use of a factor of production, such as wages for labor, rent for land, or interest on capital.
Value of the Marginal Product
The additional revenue generated from employing one more unit of a factor of production.
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