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efficiency wage theory
ef·fi·cien·cy wage the·o·ry


noun 
Definition:
 
theory of benefits of higher wages: the economic theory that paying higher wages results in lower total production costs by leading to a more productive labor force
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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