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