P Microeconomics Page 1 of 3 Assignment: Apply Concepts of Factor Demand 1. Wage determination in a perfectly competitive labor market A. Draw a perfectly competitive firm's labor demand curve and labor supply curve. Label the market equilibrium wage rate and quantity of labor the firm will hire. Label your graph completely. (2 points) B. Draw the demand and supply curves for labor in a perfectly competitive labor market. Label the equilibrium wage rate and equilibrium quantity of labor. Label your graph completely. (2 points)