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assume attract more applicants average efficiency average qualification best workers Bonn CATHERWOOD LIBRARY characterised condition 20 congested regions Consider decrease depicted in FIGURE effective labour input efficiency wage models efficiency wage theories Ekkehart Schlicht elasticity of efficiency elasticity of productivity employment function N(w equilibrium candidate equilibrium employment level equilibrium level firm offers firm pays firm's labour demand firm's workforce full employment given wage rate identical firms incentive to deviate induce market entry involuntary unemployment IZA Discussion Papers labor economics labour efficiency labour market labour supply Lazear less efficient workers level of employment Long-Run Equilibrium lower its hiring marginal productivity condition market clearing view market equilibria market wage number of firms offer higher wages physical labour input qualification queue qualified applicants raise its hiring reservation wage Section shared hiring standard shirk single firm Standards and Market Stiglitz turnover typical firm wage formation wage level wage offer Wages and Hiring Weiss workers meeting