Examlex
The marginal product of labor curve is the demand curve for labor.
Price
The amount of money required to purchase a product or service, set by the interaction of supply and demand.
Perfectly Elastic
A market situation where a small change in price leads to an infinite change in the quantity demanded or supplied.
Supply Curve
A graph depicting the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, typically upward sloping.
Price Elasticity
A measure indicating the degree to which product demand is affected by price shifts.
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