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Which of the following stages occurs last?
Efficiency Wages
Efficiency wages are higher than market wages paid by employers to increase productivity, worker loyalty, and morale.
Above-Equilibrium Wage Rates
Wages set above the market equilibrium, often leading to surplus labor supply or unemployment, as employers demand less labor at higher wage rates.
Opportunity Cost of Shirking
The benefits a worker forgoes by choosing to shirk (reduce their level of effort or productivity) at work, which could include potential wage increases, promotions, or job security.
Shirking
The action of avoiding or escaping from work or duties.
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