A cutting-edge biotech firm is hiring recent college graduates. To attract the very best applicants and to increase worker effort the firm is paying a wage 20% higher than the market wage for entry level employees in this industry. What is the term for the wage paid in this example?

Market Wage

The prevailing wage rate in a labor market, determined by supply and demand for labor.

Entry Level

In the job market, entry-level refers to positions that are designed for individuals with no or minimal professional experience, often requiring lower qualifications and providing training on the job.

Biotech Firm

A company that uses living systems and organisms to develop or make products, often focused on medical, agricultural, or industrial applications.