7. The theory of efficiency wages Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor? Check all that apply. Higher wages attract a more competent pool of workers. Paying higher wages increases worker turnover. Paying higher wages can reduce a firm's training costs. Paying higher wages tends to reduce the average experience level of a firm's workers.

Draw a flowchart for a process of interest to you, such as a quick oil-change service, a factory process you might have worked in, ordering a pizza, renting a car or truck, buying products on the internet, or applying for an automobile loan. identify the points where something (people, information) waits for service or is held in work-in-process inventory, the estimated time to accomplish each activity in the process, and the total flow time. evaluate how well the process worked and what might be done to improve it.