0
Still curious? Ask our experts.
Chat with our AI personalities
TaigaEvery great hero faces trials, and you—yes, YOU—are no exception!
Chat with Taiga
LaoThe path is yours to walk; I am only here to hold up a mirror.
Chat with Lao
JordanLooking for a career mentor? I've seen my fair share of shake-ups.
Chat with JordanAdd your answer:
Earn +20 ptsQ: What is a simple definition of equilibrium wage?
Write your answer...
Submit
Still have questions?
Continue Learning about Economics
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
When the wage rate paid to labor is below equilibrium?
When the wage rate paid to labour is below equilibrium wage, then labour is undersupplied. As firms require more labour to maximise their profit, they will slowly raise their wage rate (because revenue from labour > costs) until the equilibrium level is achieved (since no more profit is achieveable at this level).
What generally happens to the equilibrium wage when demand for workers is low and supply is high?
Wage goes down.
What generally happens to the equilibrium wage demand for workers is high and supply is low?
Wage goes down.
What is the result of high equilibrium wage?
an extra demand for workers
Trending Questions
What are the reasons for deflation?
Why would a homeowner need to sell a house in order to recover back rent?
What is the political risk for Japan nowadays?
Does capitalism encourage corruption?
What are the causes and effects of rising gas prices and what are the effects on our world and the poor.?
Is jit invetory system compatible with flow production?
What year did Denmark become part of the European Union?
Contribution of aviation industry in Indian economy?
What is trade between two or countries called?
What types of economics problems did the stock market crash of 1929 lead to?
What is the relationship between complementary and substitute goods in the context of consumer preferences and purchasing decisions?
What are the basic concepts of economics?
Why would a rich man like Andrew Carnegie support the estate tax?
What would the SWOT analysis for Jaguar Land Rover be?
Why did the Chinese join and then withdraw from international trade?
What would happen if a woman became president?
Explain why GDP is an accepted way of measuring the economy despite its known drawbacks?
What is the richest industry in the world?
What does it mean if a stock's price remains unchanged?
What is economics goals?
Copyright ©2025 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.