Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor? Check all that apply. Paying higher wages tends to reduce the average experience level of a firm's workers. Paying higher wages can reduce a firm's training costs. Higher wages attract a more competent pool of workers. Higher wages cause workers to shirk more of their responsibilities.

Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor? Check all that apply. Paying higher wages tends to reduce the average experience level of a firm's workers. Paying higher wages can reduce a firm's training costs. Higher wages attract a more competent pool of workers. Higher wages cause workers to shirk more of their responsibilities.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section: Chapter Questions

Problem 14QP

See similar textbooks

Similar questions

Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the film can sell output in the perfectly competitive market where it operates. What is the value of the marginal product at each level of labor? If the firm operates in a perfectly competitive labor market where the going market wage is 12, what is the films profit maximizing level of employment?
Name some factors that can cause- a shift in the supply curve in labor markets.
What determines the demand for labor for a firm operation in a perfectly competitive out market?
What determines the demand for labor for a firm with market power in the output market?
What is the marginal cost of labor?
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
What are some of the most important laws that protect employee right?
What is die price commonly called in the labor market?
What is a perfectly competitive labor market?
What are the factor payments for land, labor, and capital?