Restaurant Staffing

[gokart-mozart]

Originally Posted by John Mercier

The market is whatever is supply/demand equilibrium is.

So if one establishment is paying more... even if you feel that it is ''over market''... but that establishment is moving forward; and another establishment is paying what you feel is ''market'' but it is moving backward... then what you feel is appropriate ''market'' is not accurate.
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The term "for sale below market", and similar terms, keep popping up all the time.

Of course, it's deceptive, it's actually ridiculous.

I once bought a house for $380K from a stranger. Never met him before the closing. The next month I got a tax bill based on a "market value" from the town (in MA) of $430K.

I contested the bill, claiming that the closing last month SET the "market value". It was no longer speculative what a arms-length transaction between strangers might bring, all they had to do was look it up.

And they agreed and cut the bill.

Similarly, employers are fond of the concept of "above market wages". There is no such thing, unless "market" means "what I wish I could get away with paying legal workers". 4 of my kids started waiting tables in Wolfeboro, the fifth worked retail. A "market wage" is what you have to pay to run your place, no more, no less.