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Describe How Deindustrialization Has Impacted Workers in the United States

question 53

Essay

Describe how deindustrialization has impacted workers in the United States since the 1950s. Why is deindustrialization thought to contribute to inequality?


Definitions:

Profit-Maximizing Amounts

The levels of production or pricing at which a firm achieves the highest possible profit.

MRP

Marginal Revenue Product, which is the additional revenue generated from hiring an additional unit of a resource or input.

Resources

Assets, materials, and inputs used to produce goods and services.

Purely Competitive Conditions

A theoretical market structure with many buyers and sellers, all small relative to the market, with no single entity able to influence price, leading to an efficient allocation of resources.

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