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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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