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The price of labor is called a wage. If this is given in a frequent period like every two weeks or every month, it is referred to as a salary.

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Q: What is the price of labor called?
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Related questions

Labor can be bought and sold in the in a market like any other commodity the price of labor is partly determined by what?

The quality of the labor and the supply. Skilled labor is worth more than unskilled. If there is a shortage of workers (labor) the price paid goes up.


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Because labor can be bought and sold in market like any other commodity the price of labor is partly determined by which of the following?

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