Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor? Check all that apply.
Higher wages cause workers to shirk more of their responsibilities.
Paying higher wages tends to reduce the average experience level of a firm's workers.
Paying higher wages encourages workers to be more productive.
Higher wages attract a more competent pool of workers.
Homework Answers
When firms are paying higher than the equilibrium level, they are voluntarily increasing their costs. They won't do so unless the firm experiences a profit for doing so.
Hence the probable reasons for paying more are:
Paying higher wages encourages workers to be more productive.
Higher wages attract a more competent pool of workers.
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