Examlex
Economists use the term equilibrium to describe situation when:
Price Wall
A situation where the price of a product or service faces resistance moving higher or lower beyond a certain point.
Minimum Wage Laws
Legislation that sets the lowest hourly rate that can be paid to workers, intended to protect employees from unduly low pay.
Labor Supplied
The total hours that workers are willing to work at a given wage rate, representing the workforce available to the economy.
Labor Demanded
The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.
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