Question
How are wages for a particular job determined?
by the federal Wage and Hour Department
by the equilibrium between supply and demand for workers
by advertisements in the newspaper or online
by the amount of inflation in the economy
by the federal Wage and Hour Department
by the equilibrium between supply and demand for workers
by advertisements in the newspaper or online
by the amount of inflation in the economy
Answers
GPT-4o mini
Wages for a particular job are primarily determined **by the equilibrium between supply and demand for workers**. This means that when there is a high demand for a specific skill or job and a limited supply of qualified candidates, wages tend to increase. Conversely, if there are many candidates for fewer job openings, wages may decrease.
While factors like inflation, government regulations, and job advertisements can influence wage levels to some extent, the fundamental determinant is the interaction of supply and demand in the labor market.
While factors like inflation, government regulations, and job advertisements can influence wage levels to some extent, the fundamental determinant is the interaction of supply and demand in the labor market.