Figure 5.2. The figure shows the supply and demand curves of a firm.
-A wage that allows people to pay for the necessities of life is known as a(n):

Question

​Figure 5.2. The figure shows the supply and demand curves of a firm. 
-A wage that allows people to pay for the necessities of life is known as a(n):​

Quizplus · Accepted Answer

A living wage is a wage that allows people to pay for the necessities of life, such as food, shelter, and healthcare. It is higher than the minimum wage, which is the legal minimum that employers must pay their workers. A living wage is not necessarily an equilibrium wage or a fair wage, and it is not the same as a subsistence wage, which is the minimum wage necessary for survival.

​Figure 52

Figure 52