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In a competitive labor market, the demand for and supply of labor determine the equilibrium wage rate and the equilibrium level of employment. Discuss the

In a competitive labor market, the demand for and supply of labor determine the equilibrium wage rate and the equilibrium level of employment.

  • Discuss the relationship between how these markets determine the wage rate and the quantity of labor that should be employed.
  • Share an example, beyond your textbook, that demonstrates this relationship.

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