• Describe the demand for labor in perfectly competitive output markets

• Describe the demand for labor in imperfectly competitive output markets

•

Identify what determines the going market rate for labor

CLEAR IT UP

What is the labor market?
The labor market is the term that economists use for all the different markets for labor. There is no single labor

market. Rather, there is a different market for every different type of labor. Labor differs by type of work (e.g. retail

sales vs. scientist), skill level (entry level or more experienced), and location (the market for administrative

assistants is probably more local or regional than the market for university presidents). While each labor market is

different, they all tend to operate in similar ways. For example, when wages go up in one labor market, they tend to

go up in others too. When economists talk about the labor market, they are describing these similarities.
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