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Then there would be unfilled jobs for firemen, which would increase the wages for firemen, which would prompt more people to move into a career as a firefighter
by AlexB138 7y ago
Then there would be unfilled jobs for firemen, which would increase the wages for firemen, which would prompt more people to move into a career as a firefighter, which would increase the supply of firemen until the jobs willing to pay the new prevailing wage were mostly filled, approximately.
That's exactly how pricing signals work. "Firemen" is not a fixed set of people.