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Efficiency Wages
A theory in labor economics that suggests higher wages can increase worker productivity and efficiency, often leading to lower turnover and improved quality of work.
Prevailing Wage
The average wage paid to similarly employed workers in a specific region, occupation, or industry.
Marginal Utility
The supplementary benefit or satisfaction a person derives from the consumption of one more unit of a good or service.
Optimal Time Allocation
The most efficient distribution of one's time across various activities to maximize overall benefit.
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