How is equilibrium achieved when labour market is imperfectly competitive? 

 Labor market equilibrium “balances out” the conflicting desires of workers and firms and determines the wage and employment observed in the labor market. the equilibrium allocation of workers to firms is efficient; the sorting of workers to firms maximizes the total gains that workers and firms accumulate by trading with each other. This result is an example of Adam Smith’s justly famous invisible hand theorem, wherein labor market participants in search of their own selfish goals attain an outcome that no one in the market consciously sought to achieve. The implication that competitive labor markets are efficient plays an important role in the framing of public policy. In fact, the impact of many government programs is often debated in terms of whether the particular policy leads to a more efficient allocation of resources or whether the efficiency costs are substantial. We also will analyze the ____ _______ ________ ____ __________ ____ ____ _____ _______ _______ __________.
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