Labor market definitions Complete the following table by selecting the term that matches each definition on the left. Definition Market Labor Demand Curve Market Labor Supply Curve Marginal Product of Labor Value of the Marginal Product of Labor The additional revenue the firm receives from selling the output produced from an additional unit of labor           The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire in a market           The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to provide in a market           The increase in the amount of output from an additional unit of labor             Which of the following events may decrease the value of the marginal product of labor? Check all that apply. An increase in the marginal product of labor A decrease in the output price A decrease in the wage rate Bad weather that causes a decrease in supply and a rise in price for one of the inputs used to make the good

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Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.