Question

The wage a person requires before accepting a job is referred to as the ______ wage.

Answer 1

The wage a person requires before accepting a job is referred to as the reservation wage. The term reservation wage is used to define  the lowest wage rate at which a worker would be willing to accept a particular type of job. It is the minimum pay a person would work for the job.

Answer 2

The wage a person requires before accepting a job is referred to as the reservation wage. This is the lowest amount a person is willing to work for at a specific position. This wage may be changes at a later date depending on other factors such as quality of work, length of time on the job and many other factors.