5. Labor market definitions Complete the following table by selecting the term that matches each definition on the left. Assume a perfectly competitive firm Market Labor Supply Curve Marginal Physical Product of Labor Definition The increase in the amount of output 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 marketi The additional revenue the firm receives from selling the output produced from an additional unit of labor Market Labor Demand Curve O O O O O which of the following events may decrease the value marginal product of labor? Check all that apply, Bad weather that causes a decrease in supply and a rise in price for one of the inputs used to make the good An increase in the marginal physical product of labor A decrease in the output price An increase in the wage rate Marginal Revenue Product of Labor O O

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