Describe how the firm sets an efficiency wage above the, Microeconomics

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Describe how the firm sets an efficiency wage above the

Problem

1. Why is there mandatory retirement in many countries?

2. Describe how the firm sets an efficiency wage above the competitive level. Why are there no market forces forcing the profit-maximizing firm to reduce the wage to the competitive level?

3. What factors create the link between wages and productivity that is at the heart of efficiency wage models?

4. What is the bonding critique of efficiency wage models?

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