part a - part e

20 points Wages represent a significant cont component to business and labour is an essential production input of nearly every good and service produced. Using the ideas cuined in this unit to explain the following: (Total 20 marks) A) The efficiency wage hypothesis and why firms may choose to pay workers above the market clearing rato? (4 marks) B) What is another reason why the top executives for a firm may be paid very high wapoo? (3 marka) c) Why is it that in high income professiona (such as doctora), the latour supply curve may be backwards bending (3 marks) D) How can trade unions influence wages across different types of labour markets? (5 marks) E) There is a debate on the effect of a minimum wage on the firm and market. Critics argue that it can cause unemployment and lead to a higher poverty rate. Supporters argue that it not only helps to reduce poverty among the low-paid workers, but also has little or no adverse effects on employment or even increase employment. Please rovit the demand and supply model and analyse its effect across different types of labour markets. (5 marks) or the toolbar, press ALT+F10 (PC) or ALT FN+F10 (Mac)