Which of the following statements accurately describe the relationship between labor supply and demand in a perfectly competitive labor market? Select all that apply.

In a perfectly competitive labor market, labor supply and demand interact to determine the wage rate and the number of workers hired. The labor supply represents how many workers are willing to work at different wage levels, while labor demand shows how many workers employers want to hire at those wages. When the wage is high, more people want to work, increasing labor supply, but employers may hire fewer workers because it costs them more. Conversely, if wages are low, employers want to hire more workers, but fewer people are willing to work. For example, if a factory raises its wages from $10 to $15 an hour, it might attract more applicants, but it may also limit how many workers the factory can afford to hire.