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What is the equilibrium in the labor market? Explain briefly.
Equilibrium in the Labor Market
a. The market labor of demand curve is the horizontal total of the individual labor demand curves of all makers.
b. Labor is paid equilibrium value of this at the marginal product, and the value of the marginal product of the previous worker hired into the labor market as an entire.
Laws of returns to scale alludes to the long-run analysis of the laws of production. In the long run, output can be increased by varying all factors. So in this section we study th
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