In labor economics, they refer to that slightly higher price (compared to the minimum clearing price) as an "efficiency wage" - it describes the same thing you

In labor economics, they refer to that slightly higher price (compared to the minimum clearing price) as an "efficiency wage" - it describes the same thing you describe above. Only note that this is a profit maximizing behavior - as companies pay out efficiency wages to avoid turnover costs or an unproductive workforce. https://en.wikipedia.org/wiki/Efficiency_wage https://en.wikipedia.org/wiki/Efficiency_wage https://www.investopedia.com/efficiency-wages-5206757#:~:text=In%20labor%20economics%2C%20efficiency%20wages,skilled%20workers%20do%20not%20quit https://www.investopedia.com/efficiency-wages-5206757#:~:tex....