Which of the following summarizes the impact of population growth on the labor market?
there will be an increase in both the demand for labor and the supply of labor. as a result, the equilibrium wage will not change.
there will be an increase in the demand for jobs. this will result in an increase in the equilibrium wage rate and a movement along the labor supply curve.
there will be an increase in the demand for labor. as a result, the wage rate will rise and the quantity of workers supplied will decrease.
this will increase the labor supply, reduce the equilibrium wage and increase the quantity of labor demanded.

The correct answer is "This will increase the labor supply, reduce the equilibrium wage and increase the quantity of labor demanded".

Explanation:

The labor market is basically the demand and supply of labor, which helps the economy by the competition of employers trying to hire the best workers, and the workers trying to be the best to satisfy a job. When a population growths, the labor market is affected by an increase in the labor supply, a reduce in the equilibrium wage and an increase in the quantity of labor demanded. This happens because as more people live in a certain place, more workers are available to fill a position, which reduces the wage that is paid for the workers in general. This also results in an increase in the quantity of labor demanded because there are more consumers in the market as the population growths.