What is the economics definition for wage profile?
Answer:
Wage is the Price of Labour. In theory, wages ought to change so that the supply and demand in the labour market are always in equilibrium In practice, wages are often sticky, especially in a downward direction: when demand for labour falls, wages do not fall. In this situation, the fall in demand results in higher involuntary unemployment.
A wage profile is simply the structure of wages for a given person, firm, industry, location, country, etc. (It is a more formal way of saying wage, thats all)
Example: New York has a minimum wage profile of $10/hour
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