Final answer:
Efficiency wage theories suggest that higher real wages are paid by firms in order to increase worker productivity and retain well-motivated employees, thereby reducing costs related to hiring and training.
Step-by-step explanation:
The efficiency wage theory posits that firms may choose to pay higher real wages as a strategic move to enhance worker productivity. By paying above-market wages, employees are incentivized to work harder as they are likely to face a decrease in salary should they lose their current job, creating a motivation to excel and maintain employment. Furthermore, it allows employers to minimize costs associated with hiring and training by retaining current, well-motivated workers.