Examlex
A person is convicted of serial murder more than twenty years after the murders were committed. The offender states that he carried out the murders on the assumption that he would not be caught and would not be punished. He is sentenced to life in prison with no chance of parole. Which of the three components of effective punishment does this scenario demonstrate?
Unionize
The process by which employees come together to form a union in order to collectively bargain for better wages, working conditions, and benefits.
Efficiency Wages
Efficiency wages are above-market wages paid by firms to increase worker productivity.
Equilibrium Level
The state in a market where supply equals demand, resulting in stable prices and quantities where no economic forces are unbalanced.
Efficiency Wages
Wages set above the equilibrium level by employers to increase worker productivity, motivation, and loyalty.
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