« previous next »

Author Question: What is an efficiency wage and what effect does it have in the labor market? What will be an ... (Read 15 times)

nenivikky

  • Hero Member
  • *****
  • Posts: 516
on: Jun 29, 2018
What is an efficiency wage and what effect does it have in the labor market?
 
  What will be an ideal response?

Question 2

Economic growth is slow or absent in some economies because those lack
 
  A) political freedom.
  B) democracy.
  C) a strong government.
  D) cultural freedom.
  E) economic freedom.


Hdosisshsbshs

  • Sr. Member
  • ****
  • Posts: 315
Reply #1 on: Jun 29, 2018
Answer to Question 1

An efficiency wage rate is a wage that is set by a firm above the equilibrium wage rate in order to motivate the firm's workers to work hard. The idea is that workers will work hard in order to keep their jobs because they know that if they are fired the (equilibrium) wage rate they are likely to get at a new job will be less than the efficiency wage. An efficiency wage is one of the factors that push the wage rate above its equilibrium and thereby create unemployment.

Answer to Question 2

E


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

nenivikky

  • Hero Member
  • *****
  • Posts: 516
Reply #2 on: Jun 29, 2018
Thank you :)


Hdosisshsbshs

  • Sr. Member
  • ****
  • Posts: 315
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Gas Solubility - Effect of pressure Gas Solubility - Effect of pressure
A person with a defective "P" gene might only have it effect the Hair A person with a defective "P" gene might only have it effect the Hair
Doppler Effect, Observer Moving Doppler Effect, Observer Moving
Effect of Landfall Effect of Landfall
Effect of an Increase in Technological Progress Effect of an Increase in Technological Progress
An educational institution has total direct labor and material costs of $1964 per student. Its ... An educational institution has total direct labor and material costs of $1964 per student. Its ...
Video: Facilitated Diffusion - Glucose transport

For a complete list of videos, visit our video library