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    Labor Market Steps
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    <p>
        From here on, the information provided describes how the labor market will proceed, assuming your decisions are shown to employees. 
    </p>
    <p>
        The labor market consists of three steps: (1) Selecting a Job Offer, (2) Selecting a Production Level, and (3) Calculating Payoffs. You will be asked to make decisions that will determine your payoff and the worker’s payoffs.
    </p>
    <p>
        The firm payoff is calculated as follows:
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    <p class="equation">
        Firm payoff = (30 × <b>Production Level</b>) - <b>Wages</b>
    </p>
    <p>
        The worker's payoff is calculated as follows:
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    <p class="equation">
        Worker payoff = <b>Wages</b> - <b>Production Costs</b>
    </p>
    <p>
        <b>Wages</b> will be explained in Step 1. <b>Production Level</b> and <b>Production Costs</b> will be explained in Step 2. Payoffs will be explained in Step 3.
    </p>
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