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5. Labor market definitions Complete the following table by selecting the term that matches each definition on the left Marginal Value of the Market Labor Market Labor Product of Marginal Product of Definition Supply Curve Demand Curve Labor Labor 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 workers are willing O O O O to provide in a market The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to O O hire in a market The additional revenue the firm receives from selling the O output produced from an additional unit of labor O O Market Labor Market Labor Product of Marginal Product of Definition Supply Curve Demand Curve Labor Labor The increase in the amount of output from an additional unit of Labor O O O The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing O O O O to provide in a market The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to O O O O hire in a market The additional revenue the firm receives from selling the O O O O output produced from an additional unit of labor Which of the following events may decrease the marginal product of labor? Check all that apply. A flood that damages most of the machinery used to make the good, decreasing the capital stock Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good ) A technological improvement that is substitutable for the labor in this market An increase in the wage rate