Paying Efficiency Wages Means That Wages Are

question 11

Multiple Choice

Paying efficiency wages means that wages are

• A)above equilibrium,and profits are higher than otherwise.
• B)above equilibrium,and profits are lower than otherwise.
• C)below equilibrium,and profits are higher than otherwise.
• D)below equilibrium,and profits are lower than otherwise.

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Definitions:

Wages

Payments made to employees for their labor or services, typically calculated on an hourly, daily, or piecework basis.

Hours Of Work

The scheduled periods during which employees are required to perform their job duties.

Competency-Based Pay

A salary system where compensation is based on the skills, abilities, and knowledge an employee brings to their role rather than just their job title or position.

Designated Job Category

Positions or roles defined by specific criteria, which often relate to employment equity or affirmative action policies.