Why would a profit-maximizing firm pay its workers more than what workers are paid at other firms in the same market?

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04-08-2022
Business

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Why would a profit-maximizing firm pay its workers more than what workers are paid at other firms in the same market?

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Tutorconsortium319 Tutorconsortium319 · Answer 1 · 2022-08-09T03:53:30-04:00

A profit-maximizing firm pays its workers more than what workers are paid at other firms in the same market, this efficient wage decrease shirking, increase retention, higher quality recruits, and healthier employees

"Profit-maximizing firms pay their workers more than what workers are paid at other firms in the same market" What was the purpose behind this?

This efficiency wage is designed to reduce employee turnover, boost productivity and morale among employees, and enhance the pool of qualified job applicants. These goals may be attained by paying a salary rate above the going rate because doing so raises the opportunity cost of leaving or being dismissed. Paying an efficiency wage may actually result in lower labor expenditures for the company because acquiring and terminating staff can be expensive.

What does the efficiency wage theory suggest?

The efficiency wage hypothesis, often known as the notion of efficiency wages, contends that salary and worker productivity are positively correlated. In other words, a worker who is paid more will put in more effort and generate more output than one who is paid the wage determined by supply and demand.

Learn more about efficiency wage theory: https://brainly.com/question/13782323

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