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If the minimum wage exceeds the equilibrium wage,then
Economies of Scale
Cost benefits that organizations acquire by scaling up their operations, wherein the cost for each unit produced tends to fall as the scale of operation enlarges.
Min Per-unit Costs
The lowest possible cost of producing one unit of good or service, achieved through efficient use of resources and optimal production scale.
Employee Shirking
Refers to employees putting in less effort than agreed upon or expected, often when they believe their lack of effort will not be noticed or punished.
Specialization
The process of focusing on and becoming expert in a particular area of production or knowledge to increase efficiency.
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