Which of the following is true regarding the labour market?

a. The price of labour is called the wage and it is determined solely by the firm's demand for labour.

b. The price of labour is called the wage and it is determined by the intersection of the labour demand and supply curves.

c. The wage is a cost and is determined solely by consumer demand for its goods or services.

d. The wage is a cost and is determined solely by the productivity of labour as captured in the market supply curve.