Examlex
What are the two types of quantity discounts offered by businesses?
Long-Run Real Wages
The earned wage adjusted for inflation over a period in which all inputs, including labor, can be fully adjusted in the market.
Demand for Labor
The total amount of workers that employers are willing and able to hire at a given wage rate in a specific labor market.
Supply of Labor
The total hours that workers are willing and able to work at a given wage rate.
Wages
Remuneration provided to laborers for their services, usually based on an hourly, daily, or task-completion method.
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