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Chapter 4: Problem 13

What is the "price" commonly called in the labor market?

Short Answer

Expert verified
In the labor market, the "price" is commonly referred to as wages or salary. Wages are typically paid on an hourly basis, while salaries are paid on a fixed amount, usually monthly or yearly.

Step by step solution

01

Answer: Wages or Salary

In the labor market, the "price" is commonly referred to as wages or salary. It is the payment made by an employer to employees in exchange for their labor or services. Wages are typically paid on an hourly basis, while salaries are paid on a fixed amount, usually monthly or yearly. Both wages and salaries are important factors in determining the overall cost of labor for employers and are negotiated between employers and employees or their representatives. They are influenced by a variety of factors, such as the demand for labor, the supply of labor, the level of skills required for a job, and the overall state of the economy.

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Most popular questions from this chapter

In the labor market, what causes a movement along the demand curve? What causes a shift in the demand curve?

Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the goods market? What about the labor market and the financial market?

What would be a sign of a shortage in financial markets?

Other than the demand for labor, what would be another example of a "derived demand?"

Under what circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?
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