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What dictates the labor rate?

After a random shower thought I googled. They say supply and demand of labor. It also says what type of work and if it’s a demanding industry. So what do you think should determine the market rate? I truly believe cost of living. If you live in LA cost of wages should reflect it


After a random shower thought I googled.
They say supply and demand of labor.
It also says what type of work and if it’s a demanding industry. So what do you think should determine the market rate? I truly believe cost of living. If you live in LA cost of wages should reflect it

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