0
Still curious? Ask our experts.
Chat with our AI personalities
BeauYou're doing better than you think!
Chat with Beau
MaxineI respect you enough to keep it real.
Chat with Maxine
ReneChange my mind. I dare you.
Chat with ReneAdd 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
Identify a company in the news that has recently built a new overseas facility. Which of the three motivations for global expansion described in the chapter do you think best explains the company and?
Role of public enterprise in national and economic development?
Why might a bank be more likely to loan money to a partnership than to a sole proprietorship?
What type of nation uses outsourcing transnational companies and foreign investing in poorer nations to its benefit?
How did Robert Owen influence business today?
What type of math does an architect use?
What Act was an attempt to restrict a monopoly of the US oil industry?
Why are goods and services categorized in two ways?
How does technology enhance business efficiency?
Assume the value of the Vegetarian Price Index for 1996 is 90 That means that?
outline ways of using different resources to produce documents?
What are the importance of atrs?
What is the value of a 1948 wheat penny?
How much do purchasers make?
How big is too big body inflation?
How can missions make trade work with BostonSpain?
What does private edition mean on john wayn belt buckle from brannigan?
What is the mixed strategy Nash equilibrium in a 4x4 game?
How did the south deal with economic problems during the cilvil war?
Does Canada have a planned economy and can you give some examples of planned economies in Canada?
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.