Consider our simple Ricardian framework. If in country it takes 1/3 units of labor (measured in "hours") to make e unit of good X, then the marginal product of labor (for ΔΩ od X), (how much an extra unit of labor MP,

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A: Marginal benefits are the maximum amount a shopper will pay for an extra good or service.

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Q: Consider the following oligopolistic market. In the first stage, Firm 1 chooses quantity q₁. Firms 2…

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