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The youngest of Zach and Tuila's three children has just started kindergarten. They have had to change their morning and bedtime routines, child care arrangements, and discipline practices. The family's income has suffered as a result of this shift, yet Zach and Tuila are happy to make these changes for their children. These changes reflect the fact that _____.
Market Wage
The prevailing rate of pay for workers in a particular labor market, job, or industry.
Perfect Competitor
A theoretical market situation in which no individual buyer or seller has the power to influence market prices.
Demand Curve
An illustrated chart that depicts how the demand for a product varies with changes in its price.
Marginal Product
The addition to total output due to the use of one more unit of a variable input, keeping all other inputs constant.
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