Register
Explain how the equilibrium wage rate is established.
76.1k views
4 votes
Explain how the equilibrium wage rate is established.

User Noahnu
by
6.2k points

1 Answer

2 votes
Just as in any market, the price of labor, the wage rate, is determined by the intersection of supply and demand. When the supply of labor increases the equilibrium price falls, and when the demand for labor increases the equilibrium price rises.
User Whatever
by
6.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

7.2m questions

9.6m answers

Other Questions

In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is meant by data mining ?
Identify the advantages and disadvantages of a command economy.
How can life expectancy and literacy rates affect the quality of labor in the economy?
What was a major result of Henry Ford's innovative manufacturing technique?
Link Copied!