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  • ___________cost is defined generally as the value of the next best opportunity. #131
  • Labor productivity is defined as the quantity of __________ that can be produced with a unit of labor. #132
  • Marginalism led to a new theory which was called #133
  • Generically, the classical economists gave us an idea of the race between the increase of the population and ____________, with an uncertain winner. #134
  • Labor is a mobile factor that can move between sectors, these other factors are assumed to be ____________________. #135
  • The production function tells us the quantity of cloth that can be produced given any input of capital and_________. #136
  • How much labor will be employed in each sector? To answer this we need to look at supply and ___________ in the labor market. #137
  • The demand for labor in each sector depends on the price of ________ and the wage rate. #138
  • In________________, the wage rate is equal to the value of labor’s marginal product. #139
  • In a country that cannot trade, the output of a good must equal its___________ #140
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