Economics Marginal Utility Questions
The relationship between marginal utility of labor and labor supply is that as the marginal utility of labor increases, the labor supply also increases. This means that individuals are willing to supply more labor as they perceive a higher level of satisfaction or utility from their work. Conversely, if the marginal utility of labor decreases, the labor supply will decrease as individuals are less willing to supply their labor due to a lower level of satisfaction or utility.