The backward bending supply curve for labour:     depicts the decreasing labour costs involved in producing goods or services     reflects the costs relating to the hiring of employees     reflects the reaction to the minimum wage rate             shows that at a higher wage rate, the number of hours the worker is willing to work decreases - the income effect       all of the above

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Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.