Prices, including labor prices, are not determined by costs. That’s very much not the case for 99.9% of goods and services. Prices for labor, i.e. wages, are

Prices, including labor prices, are not determined by costs. That’s very much not the case for 99.9% of goods and services. Prices for labor, i.e. wages, are set by the demand for labor, and workers’ opportunity costs.