Examlex
A firm's demand for labor is
Marginal Product
The additional output gained by employing one more unit of input, such as labor or capital.
Marginal Product
The extra output that is produced by using one more unit of a factor, such as labor or capital, while keeping other factors constant.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
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