Podcast
Questions and Answers
Who are the propounders of the Bargaining Theory of Wages?
Who are the propounders of the Bargaining Theory of Wages?
Which theory of wages suggests that workers are paid a wage equal to the additional value created by the last unit of labor employed?
Which theory of wages suggests that workers are paid a wage equal to the additional value created by the last unit of labor employed?
According to the Residual Claimant Theory, what does labor receive after all other factors of production have been compensated?
According to the Residual Claimant Theory, what does labor receive after all other factors of production have been compensated?
What is the main idea behind the Efficiency Wage Theory?
What is the main idea behind the Efficiency Wage Theory?
Signup and view all the answers
Which theory proposes that wages are influenced by the bargaining power of employers and workers?
Which theory proposes that wages are influenced by the bargaining power of employers and workers?
Signup and view all the answers
According to the Marginal Productivity Theory of Wages, what determines the wage level?
According to the Marginal Productivity Theory of Wages, what determines the wage level?
Signup and view all the answers
Which economist is associated with the Subsistence Theory of Wages (The Iron Law of Wages)?
Which economist is associated with the Subsistence Theory of Wages (The Iron Law of Wages)?
Signup and view all the answers
What does the Wage Fund Theory propose?
What does the Wage Fund Theory propose?
Signup and view all the answers
Who refined the Wage Fund Theory initially proposed by Adam Smith?
Who refined the Wage Fund Theory initially proposed by Adam Smith?
Signup and view all the answers
What happens according to the Subsistence Theory of Wages if wages rise above a certain level?
What happens according to the Subsistence Theory of Wages if wages rise above a certain level?
Signup and view all the answers
