In a perfectly competitive labor market, what does the intersection of the labor supply and demand curves indicate?

In a perfectly competitive labor market, the intersection of the labor supply and demand curves represents the equilibrium wage and quantity of labor. The labor supply curve shows how many workers are willing to work at different wage levels, while the labor demand curve shows how many workers employers want to hire at those wages. When these two curves meet, it indicates the wage where the number of workers available matches the number of workers needed by employers. For example, if the intersection occurs at a wage of $15 per hour, it means that at this wage, employers are willing to hire the same number of workers that people are willing to work. This balance ensures that there are neither too many workers looking for jobs nor too few jobs available.