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Efficiency Wage
A higher-than-market wage paid by employers to increase worker productivity and loyalty.
Above-Equilibrium Wage
Wages that are set above the market equilibrium, often leading to excess supply of labor and potential unemployment.
Turnover Costs
Expenses associated with replacing personnel, including recruiting, hiring, and training new employees.
Minimum Wage
The lowest legal hourly pay rate that employers can offer to workers.
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