True/false/ambiguous. For each of the following, indicate
whether the statement is true, false, or ambiguous, and briefly
explain your answer. If your answer depends on any assumptions,
state them clearly. Use graphs or equations to illustrate your
answer whenever it is helpful.
11. In efficiency wage models, employers take the market wage as
given, and then choose the level of effort at which employees are
required to work.
12. Mandatory retirement only makes sense in a delayed
compensation (or underpayment-overpayment)...