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 increases worker turnover. Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their productivity. Paying higher wages encourages workers to be more productive. Paying higher wages can reduce a firm's training costs. Why might some firms voluntarily pay workers a wage above the market equilibrium, even in thepresence of surplus labor? Check all that apply.Paying higher wages increases worker turnover.Paying higher wages enhances workers to adopt healthier lifestyles, enhancing theirproductivity.Paying higher wages encourages workers to be more productive.Paying higher wages can reduce a firm's training costs.

In the labor market, wage rate is determined by equality point of labor demand and labor supply. If…

Answered: Why might some firms voluntarily pay…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 5P

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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 increases worker turnover.

Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their productivity.

Paying higher wages encourages workers to be more productive.

Paying higher wages can reduce a firm's training costs.

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 increases worker turnover.
Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their
productivity.
Paying higher wages encourages workers to be more productive.
Paying higher wages can reduce a firm's training costs.

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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