Market Wage Rate

The wage rate at which the quantity of labor supplied by all workers in a labor market is equal to the total quantity of labor demanded by firms in that market.

Suppose 80 high school math teachers are willing to work for the weekly wage of U.S. $400. And suppose Grady high school is also willing to hire 80 high school math teachers for U.S. $400 per week. Hence, U.S. $400 per week is the market wage rate.