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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 "wage" or "salary," which represents the amount employers pay workers for their labor.

Step by step solution

01

Identify the term for "price" in the labor market

In the context of the labor market, the term that refers to the cost of labor for employers is called "wages" or "salary". These terms represent the amount of money paid to workers in exchange for their labor, and they can be expressed in different time periods, like hourly, weekly, or monthly. In summary, The "price" commonly called in the labor market is the "wage" or "salary" that employers pay workers in exchange for their labor.

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Most popular questions from this chapter

Name some factors that can cause a shift in the demand curve in labor markets.

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