Examlex
If nominal wages increase 7 percent while the price level rises by 5 percent,real wages rise.
Marginal Product
The additional output produced as a result of adding one more unit of a particular input, keeping other inputs constant.
Average Product
The ratio of total product to the amount of input used, determined by dividing the overall output by the input quantity.
Average Product
The average amount of output produced per unit of a specific input, like labor or capital, over a certain period.
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