Efficiency wage is another name for the minimum wage.

Name: Efficiency wage is another name for the minimum wage.
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Efficiency wage theory suggests that paying higher wages than the market equilibrium can increase worker productivity and reduce turnover, leading to long-term cost savings for the employer. It is not the same as the minimum wage, which is a legal requirement for employers to pay their workers a certain wage.

Efficiency Wage Is Another Name for the Minimum Wage