supplies of labor.

Access for free at openstax.org
14.2 • Wages and Employment in an Imperfectly Competitive Labor Market 331

FIGURE 14.7 The Market Wage Rate In a competitive labor market, the equilibrium wage and employment level are

determined where the market demand for labor equals the market supply of labor.

Like all equilibrium prices, the market wage rate is determined through the interaction of supply and demand

in the labor market. Thus, we can see in Figure 14.7 for competitive markets the wage rate and number of

workers hired.

The FRED database has a great deal of data on labor markets, starting at the wage rate and number of workers

hired (https://openstax.org/l/cat10).

The United States Census Bureau for the Bureau of Labor Statistics publishes The Current Population Survey,

which is a monthly survey of households (you can find a link to it by going to the FRED database found in the
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