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Labour market flexibility refers to the speed with which labour markets  adapt to fluctuations and changes in society, the economy or production.
the exact defination is :
 This entailed the ease of labour market institutions  in enabling labour markets to reach a continuous equilibrium  determined by the intersection of the demand and supply curve.
hope my asnwer would be heplpful to u :)
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Ability to change their work in terms of number of employees as their hire and hours worked

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