The quantity of labor refers to the number of workers hired by a firm. It represents how many individuals are employed by the firm to contribute their skills and effort towards production.
Related terms
Marginal Product of Labor: The additional output produced from hiring one more unit (worker) while holding other inputs constant.
Diminishing Marginal Returns: As more units (workers) are added, each additional unit contributes less and less to total output.
Labor Market Equilibrium: The point where the demand for labor equals its supply, resulting in an equilibrium wage rate.