Question

will higher wage rate attract that person to the job?

Answer 1

Answer:

First, a rise in the wage rate increases the costs of firms producing the commodity, forcing them to raise their selling prices. As the price of the product rises consumers will buy less of it and less output will be produced and sold. This means that less labour will be used.

Explanation:

In addition, the better paid employees may have simply worked harder, perhaps because they cared more about holding onto their jobs. Economists say they have been paid an “efficiency wage”: Employees become more productive when their wages are higher.

minimum wage levels lead to fewer jobs. Studies that focus on the least-skilled workers find the strongest evidence that minimum wages reduce jobs. ... Low-paying jobs requiring low skills are the jobs most likely to decline with increased minimum wages.

Answer 2

"❤Answer❤"

First, a rise in the wage rate increases the costs of firms producing the commodity, forcing them to raise their selling prices. As the price of the product rises consumers will buy less of it and less output will be produced and sold. This means that less labour will be used.

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