Chapter 16

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4 Terms

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derived demand

like the demand for other factors of production, it depends on the demand for the good the factor produces

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marginal product of labor

The additional output a firm produces as a result of hiring one more worker is known as the

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marginal revenue product of labor (MRP)

Ultimately, the firm cares about the money it will receive, so it calculates the change in its revenue from hiring an additional worker

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Economic discrimination

Paying a person a lower wage or excluding a person from an occupation on the basis of an irrelevant characteristic like race or gender