What happens in a Perfectly Competitive Labour Market?

-Here, Firms become Wage (Price) Takers. The Market Wage is the Marginal Cost of Hiring for the Firm -Individual Firms have no Power to Influence the Wage Level, so they must accept the Market Wage Rate -This means the Market Wage Rate is the Firm's Labour Supply Curve. Because the Marginal Cost is Constant (As its Perfectly Elastic) Average Cost is also a Line -A Firm, who wishes to Max out Profits, will hire at the Point where MC = MRP