Bob is looking for work after school, but everywhere he fills out an application, the managers say they always have a lot more applications than open positions. Tom has a law degree. Several firms have made him offers, but he thinks he might be able to find a firm where his talents could be put to better use.

Both Bob and Tom are dealing with issues related to the job market and finding employment, but their situations reflect different labor market conditions.

Bob, who is looking for after-school work, is experiencing what is known as a labor surplus. This situation occurs when there are more people looking for jobs than there are jobs available. As a result, employers have a larger pool of applicants to choose from, and this can make it quite difficult for job seekers like Bob to find work because there is more competition for the limited number of positions.

Conversely, Tom has a law degree and is facing a labor shortage in his field, at least personally. This implies that the demand for workers with his skills is higher than the supply of those workers. Therefore, firms are competing for his talent, making him a more attractive candidate, which is why he has received multiple job offers. Tom believes that he might find a better fit for his skills, indicating that he is looking for an optimal match where he can utilize his abilities to the fullest extent possible, which is a good position to be in.

In summary, Bob is in a competitive job market with more job seekers than jobs, while Tom is in a favorable market with his qualifications in high demand.