Provide a constructive response that is respectful and academic tone to the following post that expands the conversation of the student To include informative, added value to learning this week's topic: Good afternoon, everyone. More often than not, people who have similar jobs are paid more in some industries compared to others, which is called interindustry wage differentials. A big reason for this goes back to what we saw in Chapter 1, competitive compensation. The hiring market is competitive and to get the best fit for certain jobs, the company needs to offer some sort of compensation package (monetary or nonmonetary) to convince this candidate to accept their job offer. It also depends on the industry on how people are paid. If a company has little to no competition, then they will be able to offer their employees a higher wage than the companies that are in a more competitive industry. Along with how competitive it is, it also depends on how profitable the industry is. Industries that are more profitable will obviously be able to pay their employees more compared to the industry that is less profitable.

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