3 Explain three ways in which the market for labor is different from the markets for commodities like grain, oil, and steel. 4. Explain the concept of "market failure, " giving three or four reasons for the occurrence of market failure. What are some solutions? 5. Discuss some of the outstanding trends in the labor market (s) of the U.S. A. over the past several decades. an input 6 Distinguish between the "scale effect" and the "substitution effect" of / price change on the demand for labor. (Graphical illustration is appropriate here, along with verbal explanation. ) ? Discuss and graphically illustrate (short-run) wage and employment determination in price-taking markets in the case of "perfect competition all-around." Speak to the industry (market ) and the individual firm's situations