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In 1914 henry ford increased the wage he paid workers in

Question: In 1914, Henry Ford increased the wage he paid workers in his car factory in Dearborn, Michigan to $5 per day. This wage was more than twice as much as other car manufacturers were paying. Ford was quoted as saying: "The payment of five dollars a day for an eight-hour day was one of the finest cost-cutting moves we ever made." How can paying an above-market wage result in a firm cutting its costs?

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