asked 234k views
1 vote
The ________ wage, not the ________ wage, should be considered when determining where to work or which job to take.

1 Answer

6 votes

Final answer:

The market wage, not the equilibrium wage, should be considered when determining where to work or which job to take.

Step-by-step explanation:

The market wage, not the equilibrium wage, should be considered when determining where to work or which job to take. The market wage is determined by the supply and demand for labor in the market and reflects the prevailing rate of pay for a particular job or occupation. On the other hand, the equilibrium wage is a theoretical concept that represents the wage at which the quantity of labor supplied is equal to the quantity of labor demanded.

answered
User Chris Andersson
by
7.9k points

No related questions found

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.