Question

What is the “price” commonly called in the labor market?

Short answer

Wages are the term for the "price" in the labor market.

Step-by-step solution

Definition

Labor market refers to the marketplace where labor services are exchnaged between households and businesses. Households supply labor in the market which is used by businesses for production of goods and services.

Explanation

Wage or pay is another term for the price paid in the labor market. Some distinctions between the labor market and other goods markets that we or you may have heard of before include the fact that in a regular goods market, the household is usually the demand. Debt owed to pepper. Consumers who demanded infirm things were frequently the ones who supplied them. It's the other way around in the labor market.

Conclusion

Therefore, the households that give labor to firms in firms are the ones that have demand labor.