THE PROBLEM OF WAGES 123

problems, the attraction of high wages in a particular industry
 or locality needs to be sufficient to outweigh the similar
attraction of other industries, and also, perhaps, the common
disinclination to change trade or place of residence, a disinclination
 which, though common, is not universal. Further,
the number of hours in the day, days in the week, or weeks
in the year, which are devoted to work is affected by the rate
of remuneration secured. When these various features are
taken into account, the range of elasticity of supply of labour
can be estimated. The whole supply procurable may be such
that its marginal productivity is considerably greater than the
equivalence of the price which is adequate to divert it from
other employments and induce sufficient continuity and
vigour of work. In this case the marginal demand-price
may exceed the corresponding supply-price. Should rival
employers be bidding keenly against each other for the
control of such a supply of labour, the tendency would be
for wages to be placed at a figure well above the lowest
which would suffice to secure the requisite supply, but for
such competition among buyers. Again, if the sellers of the
labour be conscious of the advantage they enjoy by such
relative scarcity, and if they are good bargainers, or have
enough of such among them to set a standard for the rest, or
be associated for the purpose and led by a good bargainer,
they may secure for their labour a price well above what
would suffice to prevent them from withdrawing part of the
supply, though, of course, not exceeding the marginal
demand-price determined by the productivity. If the employer
 were actuated by motives which made it important
to secure labour, even at a price which involved pecuniary
loss, the wage might, for a time, go beyond even the
equivalent of the marginal productivity.
Thus, when the supply of labour is relatively small, and
for as long as that condition can be maintained, the labourers
may secure a price for their labour in excess of what would
adequately remunerate them, that is, in excess of the lowest
price which would suffice to induce the supply. Such an
2xcess corresponds with what was found to occur in the case
of returns to capital, and which has been called a quasi-rent.