Why might some firms voluntarily pay workers a wage above the arket equilibrium, even in the...
Choose all that apply
1)higher wages cause workers to shirk more of their responsibilites
2)paying higher wages can reduce a firms training cost
3)paying higher wages to tends to reduce average expierence level of a firms workers
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Why might some firms voluntarily pay workers a wage above the arket equilibrium, even in the...
Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the...
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.
Attempts: Average: 1 7. The theory of efficiency wages Why might some firms voluntarily...
12. The theory of efficiency wages Why might some firms voluntarily pay workers a wage above...
12. The theory of efficiency wages Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labour? Check all that app Paying higher wages can reduce a firm's training costs. Paying higher wages increases worker turnover. Paying higher wages tends to reduce the average experience level of a firm's workers. Higher wages cause workers to shirk more of their responsibilities. Grade It Now Save & Continue Continue without saving
Say that firms pay a wage that is above the equilibrium wage to induce workers to...
Say that firms pay a wage that is above the equilibrium wage to induce workers to exert more effort. The resulting unemployment is structural unemployment frictional unemployment None of the above/below inexistent, there can’t be any unemployment when firms pay higher wages the natural rate of unemployment
13. According to the theory of efficiency wages (x)anything that makes the efficiency wage rise relative...
13. According to the theory of efficiency wages (x)anything that makes the efficiency wage rise relative to the market-clearing wage will increase the quantity demanded of labor and reduce the quantity supplied of labor .(y)firms may choose to pay a wage above the equilibrium level to attract the best skilled workers, to provide an incentive to work hard and to reduce worker turnover. (z)anything that makes the efficiency wage rise relative to the market-clearing wage will cause a surplus of...
Equilibrium wage (monopsony)
Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the secondworker must be paid $9, the third $12, and so on). The marginal revenue product of labor is given in the table below.1. What will be the competitive equilibrium wage rate and the level of employment? Equilibrium wage = $________Equilibrium level of employment = ________ units of labor2. What will...
Question 28 2 pts Why do perfectly competitive firms sell their products only at the market...
Question 28 2 pts Why do perfectly competitive firms sell their products only at the market price? Firms can sell their goods above the market price because firms are considered price takers. If a firm charges more than other firms, it will sell nothing; it has no incentive to sell at a lower price. Firms can sell their goods above the market price because firms are considered price makers. If a firm charges less than other firms, it will be...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to t...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
4. Asymmetric information and labor markets Raphael is the manager of a factory. Workers at the...
4. Asymmetric information and labor markets Raphael is the manager of a factory. Workers at the factory are assigned to one of two tasks, one of which requires skilled labor and one of which requires unskilled labor. Because skilled workers earn a higher wage than unskilled workers, everyone who applies for a job says they're skilled. Raphael's challenge is to figure out who is actually a skilled worker and who is an unskilled worker. Suppose that Raphael would like to...
5. Asymmetric information and labor markets Megan is the manager of a factory. Workers at the...
5. Asymmetric information and labor markets Megan is the manager of a factory. Workers at the factory are assigned to one of two tasks, one of which requires skilled labor and one of which requires unskilled labor. Because skilled workers earn a higher wage than unskilled workers, everyone who applies for a job says they're skilled. Megan's challenge is to figure out who is actually a skilled worker and who is an unskilled worker. Suppose that Megan would like to...
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.
Attempts: Average: 1 7. The theory of efficiency wages Why might some firms voluntarily...
12. The theory of efficiency wages Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labour? Check all that app Paying higher wages can reduce a firm's training costs. Paying higher wages increases worker turnover. Paying higher wages tends to reduce the average experience level of a firm's workers. Higher wages cause workers to shirk more of their responsibilities. Grade It Now Save & Continue Continue without saving
Question 28 2 pts Why do perfectly competitive firms sell their products only at the market price? Firms can sell their goods above the market price because firms are considered price takers. If a firm charges more than other firms, it will sell nothing; it has no incentive to sell at a lower price. Firms can sell their goods above the market price because firms are considered price makers. If a firm charges less than other firms, it will be...
59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to...
4. Asymmetric information and labor markets Raphael is the manager of a factory. Workers at the factory are assigned to one of two tasks, one of which requires skilled labor and one of which requires unskilled labor. Because skilled workers earn a higher wage than unskilled workers, everyone who applies for a job says they're skilled. Raphael's challenge is to figure out who is actually a skilled worker and who is an unskilled worker. Suppose that Raphael would like to...
5. Asymmetric information and labor markets Megan is the manager of a factory. Workers at the factory are assigned to one of two tasks, one of which requires skilled labor and one of which requires unskilled labor. Because skilled workers earn a higher wage than unskilled workers, everyone who applies for a job says they're skilled. Megan's challenge is to figure out who is actually a skilled worker and who is an unskilled worker. Suppose that Megan would like to...
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