Drupal 7 field module defines a field level template file, which defines the HTML structure of the field. We can use this file to override the display of field including changing how label will be display. The file is named as field.tpl.php which you can find in side the "DRUPAL_ROOT/modules/field/theme/" directory.
Ever wanted to retrieve a list of allowed values of select list, here's a sample code:
In Drupal the normal functionality of multi-value field on node edit screen is like this, it adds one more extra row where user can add data if they want or leave as it is if don't.