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Chapter 4: Problem 13

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

Short Answer

Expert verified
The "price" commonly called in the labor market is the Wage or Salary.

Step by step solution

01

Define the labor market and its components

The labor market is the market where workers offer their services and employers demand labor. There are two main components in the labor market: supply (the workers) and demand (the employers). As with any other market, there is a "price" associated with the product or service, which in this case is labor.
02

Identify the term used for "price" in the labor market

In the labor market, the term commonly used to refer to the "price" is called "wage" or "salary." The "price" at which labor is exchanged between employers and workers is based on the wage rate that employers are willing to pay, and the workers are willing to accept. So the answer is: The "price" commonly called in the labor market is the Wage or Salary.

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Most popular questions from this chapter

How do economists define equilibrium in financial markets?

Select the correct answer. A price ceiling will usually shift: a. demand b. supply c. both d. neither

Which of the following changes in the financial market will lead to a decline in interest rates: a. a rise in demand b. a fall in demand c. a rise in supply d. a fall in supply

Suppose the U.S. economy began to grow more rapidly than other countries in the world. What would be the likely impact on U.S. financial markets as part of the global economy?

A price ceiling will have the largest effect: a. substantially below the equilibrium price b. slightly below the equilibrium price c. substantially above the equilibrium price d. slightly above the equilibrium price
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