Mountain View College Strength of the Labor Market Discussion

I’m working on a economics Discussion and need an explanation to help me learn. First, how can we “measure” whether our labor market is strong? In your answer, please put emphasis on the unemployment rate, the labor force participation rate, underemployment, etc. That said, according to the text, we should get paid our “marginal revenue product” (MRP) – what does this depend on? How can we use what we know about the MRP to explain why wages differ from one job to the next in our economy? What are some variables that are related to the MRP…? In other words, the MRP is a bit too general, so if we were to examine earnings related to other variables, what would they be?

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