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What is equity, and how does it differ from efficiency?
Input
Resources used in the process of production, including raw materials, labor, and capital.
Marginal Revenue Product
The additional revenue generated from using one more unit of input.
Marginal Product
The extra output generated from increasing a particular input by one unit while keeping all other inputs unchanged.
Output
The total amount of goods or services produced by a firm or economy over a specific period of time.
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