Examlex
A union is a formal organizational group.
Hiring Labor
The process of employing people to perform work or services for wages or salary.
Optimum Resource Mix
The combination of inputs that allows a firm to produce output at the lowest possible cost.
Wage Rate
The amount of money paid to an employee per unit of time, often hourly or annually, for their work or services.
MRP of Labor
Marginal Revenue Product of Labor, which measures the change in total revenue that results from employing one additional unit of labor.
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