The Wage Level Below Which an Employee Declines a Job

question 14

Multiple Choice

The wage level below which an employee declines a job offer is known as a:

• A)living wage level
• B)competitive wage level
• C)reservation wage level
• D)prevailing wage level
• E)market wage level

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Definitions:

Firm Offer

In contract law, a proposal made by a seller to supply goods or services at a fixed price, which cannot be withdrawn for a certain period.

Consideration

Something of value exchanged between parties in a contract that induces them to enter into the agreement.

Bargained-For Exchange

An exchange of promises or performance by parties to a contract that provides the consideration necessary to make the contract legally enforceable.

Breach of Contract

The violation of any term or condition of a binding legal agreement, which may result in legal action for remedy.