Term
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Definition
| The number of workers hired by the company |
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Term
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Definition
| the output of the business |
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Term
| MPL - Marginal Product of Labor |
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Definition
| The extra output associated with hiring one more worker. |
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Term
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Definition
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Term
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Definition
| The costs of operating the business that are unavoidable |
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Term
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Definition
| The additional cost (beyond the fixed cost) of trying to produce output. EX. labor |
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Term
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Definition
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Term
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Definition
| The extra cost of hiring one additional worker |
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Term
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Definition
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Term
| MR/wkr - Marginal Revenue |
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Definition
| The extra output the business is able to produce by hiring one additional worker. |
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