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Define each of the following concepts in no more than TWO lines: The value of the marginal product of labor (or employment). The marginal rate

Define each of the following concepts in no more than TWO lines:

  1. The value of the marginal product of labor (or employment).
  2. The marginal rate of technical substitution.
  3. The elasticity of substitution between labor and capital.
  4. Pareto efficiency.
  5. Monopsony in the labor market.

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