The supply of labour is determined by wage and non-wage factors that influence how many people are willing
Tag: labour market
movement along demand curve for labour
A movement along the demand curve for labour happens only when the wage rate changes. This causes a
shifts in demand curve for labour
A shift in the labour demand curve happens when the amount of labour businesses want to hire changes
factors affecting demand for labour
The demand for labour is influenced by several factors, not just the wage rate. These factors can increase
marginal revenue product (MRP)
Marginal revenue product (MRP) is the extra revenue a business makes by hiring one additional worker, assuming other
demand for labour
The demand for labour is known as a derived demand. This means that businesses do not hire workers