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When current output rises above potential output, we hire fewer workers, which reduces the costs of production. The change in inflation will be negative.
Marginal Revenue Product Curve
A graphical representation showing how the additional revenue generated by employing one more unit of a resource varies with the quantity of the resource employed.
Marginal Revenue Product Curve
A graphical representation showing how the revenue generated from selling an additional unit of output changes as more of the output is produced.
Wage Rate
The amount of compensation paid to an employee by an employer for a unit of time worked, which can be expressed per hour, day, or other time unit.
Marginal Product
The additional output resulting from the use of one more unit of a factor of production.
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