Final answer:
The wage for labor is determined by the intersection of labor demand and labor supply.
Step-by-step explanation:
In the market for a certain type of labor, the wage for that labor is determined by the intersection of labor demand and labor supply.
For example, if the demand for a certain type of labor is high and the supply of workers with that skillset is low, employers may be willing to pay higher wages to attract workers. On the other hand, if the demand for a certain type of labor is low and there is an oversupply of workers in that field, employers may offer lower wages.
So, the answer to your question is: the wage for labor is determined by the intersection of labor demand and labor supply.