Wages are classified as custom prices, because they do not adjust very quickly.

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Wages are often considered custom prices because they tend to be inflexible and slow to adjust to changes in the market. For example, employers may be hesitant to reduce wages during a downturn for fear of losing valuable employees, and employees may be hesitant to negotiate for higher wages during a booming economy for fear of seeming greedy or unrealistic.

Wages Are Classified as Custom Prices, Because They Do Not