Question

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

Short answer

In the labor market, the "price" is commonly referred to as wages or salary. Wages are typically paid on an hourly basis, while salaries are paid on a fixed amount, usually monthly or yearly.

Step-by-step solution

Answer: Wages or Salary

In the labor market, the "price" is commonly referred to as wages or salary. It is the payment made by an employer to employees in exchange for their labor or services. Wages are typically paid on an hourly basis, while salaries are paid on a fixed amount, usually monthly or yearly. Both wages and salaries are important factors in determining the overall cost of labor for employers and are negotiated between employers and employees or their representatives. They are influenced by a variety of factors, such as the demand for labor, the supply of labor, the level of skills required for a job, and the overall state of the economy.