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In page Unemployment:

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According to classical economic theory, markets reach equilibrium where supply equals demand; everyone who wants to sell at the market price can do so. Those who do not want to sell at that price do not; in the labour market, this is classical unemployment or reduced labor force participation. That assumes perfect competition exists in the labour market, specifically that no single entity is large enough to affect wage levels. However, the labor market is not 100% efficient although it may be more efficient than the bureaucracy. Some argue that minimum wages and regulations preventing some people from selling their labour.[citation needed]