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Explain the differences among variable, fixed, and mixed costs.
Marginal Product
The increase in output resulting from a one-unit increase in the input of a production factor, holding all other inputs constant.
Marginal Cost
The increase in total cost that arises from an extra unit of production.
Labor-supply Curve
A graphical representation showing the relationship between the quantity of labor supplied and the wage rate.
Leisure
Time spent away from work and other duties, free for relaxation or activities of personal choice.
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