Question

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

Short answer

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

Step-by-step solution

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.

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.