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Competitive Labor Market . The rate of emerging graduates is increasing daily, making the labor market very competitive. The market wage rate in a perfectly competitive labor market represents the firm's marginal cost of labor, the amount the firm must pay for each additional worker that it hires. It can get as much of that labor as we need, we assume, 'cause we're talking about a perfectly competitive labor market in this industry. Keywords: globalization, labour market, competitive advantage, qualication. In such a market, both the firms who hire the labor and the workers who supply it are price takers. Labor market segmentation — OverviewLabor Market Segmentation is classified as the core, neo Competitive advantage — is defined as the strategic advantage one business entity has over its rival. Keywords: globalization, labour market, competitive advantage, qualication. In a competitive labor market, wages are determined by the supply of and...