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Describe the three major distinctions between task performance and contextual performance.
Labor Supply
The cumulative hours that workforce members are eager and able to dedicate to work, provided a set wage.
Marginal Productivity
The additional output resulting from the use of one more unit of a production factor.
Wages
Payments made to labor for their services, typically expressed per hour or per annum.
Wage Paid
The compensation given to labor for the service provided, usually calculated as an hourly, daily, or per task basis.
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