Examlex
Summarize the factors that govern firm behavior with regard to investment and employment decisions.
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Efficiency Wage Equilibrium
A state in which employers pay above-market wages to increase productivity and reduce turnover among employees.
Demand for Labor
The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.
Efficiency Wage
A theory suggesting that higher wages may increase worker productivity and efficiency by attracting better applicants, reducing turnover, and increasing worker morale.
Contract Curve
Curve showing all efficient allocations of goods between two consumers, or of two inputs between two production functions.
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