Diminishing marginal returns explain the reduction of value in additional exertions of effort.The concept of ________ indicates the opposite-that the ultimate marginal production can result in disproportionate wage increases.

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The concept of winner-take-all suggests that the ultimate marginal production can result in disproportionate wage increases, meaning that only the top performers in a field receive a significantly higher wage than their peers. This is in contrast to efficiency wages, which aim to increase productivity and reduce turnover by offering higher wages to all workers in a particular field or company. Productivity discrimination, inclining marginal utility, and maximum human capital are not related to the concept of winner-take-all.

Diminishing Marginal Returns Explain the Reduction of Value in Additional