In reality, there has never really been an established formula for determining the federal minimum wage.Some sources believe that it is calculated as a certain percentage of the current poverty line for a family of four, but in recent years that has not proven to be the case. and find homework help for other Business questions at eNotes Discrimination. “Within these fluctuations, however, the price of labor will be determined by the cost of production, by the labor time necessary to produce this commodity – labor power.” Wage Labour and Capital: Chapter 2 Karl Marx Wage Labour and Capital ... What are Wages? Classical economists argue that wages—the price of labor—are determined (like all prices) by supply and demand. May an employer withhold monies from wages without the employee's permission? Currently, it is not indexed to the rate of inflation, either. Get an answer for 'How are wages determined in a competitive labour market?' Wages determined by Labour Market imperfections. What factors determined a factory worker's wages? Living wages are often defined as the wages needed in order to provide the necessities in order to live; such as food, clothing, and housing. What are three ways wages are determined? ***Note: this is not the same adjustment that is used to index wages for inflation. c. Wages are determined entirely by market supply. Basically, when comparing your wages to those of other companies, they would have to add $1200, which would be the cost they would be paying for parking on their own if you didn't pay it for them. Now, the same general laws which regulate the price of commodities in general, naturally regulate wages, or the price of labour-power. In the real world, wages will also be determined by other factors. Start studying How are Wages determined. We need you to answer this question! They call this the market theory of wage determination. How Are (Danish) Wages Determined? Classical economists argue that wages—the price of labor—are determined (like all prices) by supply and demand. Learn with flashcards, games, and more — for free. Rather, evidence suggests that viewing employ-ers as wage-setters lends significant in- How are Wages Determined/Theories of Wages Determination: ... of wages but they all stand discredited as they do not offer satisfactory explanation of wages. There is no one way that wages are determined in the United States. Answer. They call this the market theory of wage determination. How are wages determined? Inflation - Your PIA will be adjusted by the same Cost of Living Adjustments applied to people who are already receiving Social Security benefits.