Efficiency wages may cause a <u>surplus</u> of labor because they are <u>above</u> the equilibrium wage.
The efficiency wage is higher than the equilibrium wage, which might result in a labor supply.
Since the efficiency wage in question is higher than equilibrium wages, there will be a labor surplus since more individuals will be eager to work as a result of the wage rise. Due to the fact that supply is more than demand, this will result in a rise in supply and an excess of labor.
There is a labor surplus in the sense that a sizeable segment of the work force produces less than it consumes and its marginal product is below the wage agreed upon via negotiation.
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Good diplomatic relations with other countries is the key to prosperity of each nation. Every nation has its strong and weak points. Some nations have a strong infrastructure and finances while others are gifted with natural resources. A good diplomatic relation with nations helps each nation to progress and grow- thanks for the points
Answer:
prices can easily be set by the government
Answer:This is an example of how INSTITUTION impact our communication and relationships.
Explanation:
An institution is an organization created by people which operates formally in maintaining a particular members of the society who falls under that organisation.
Certain authorities are responsible in running these organisations and they are rules,standards or norms and traditions associated with how each individual should carry themselves if they are part of those organisations.
These rules may also guides the members on how they communicate or form relationships.
Churches are one of these institutions under which there are ways of living that the members are expected to follow such as not dating before marriage or not divorcing after marriage.
