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@HistoryBuff
Since all companies can benefit by paying their employees as little as possible, they will do so.
This is correct...in fantasyland as Mellon would put it.
Competition drives wages up so you can't just simply form a cartel. All it takes is for one business to offer higher wages to drive the rest out of the market.
You don't seriously think there is an infinite pool of unemployed workers do you? (in the real world of course)
When companies are trying to get people to join their team...why the hell would they waste the time advertising "we offer a competitive wage" if as you put it...people will just choose to work for next to nothing? Nonsense.
Worker greed is universal. Workers will join the place they enjoy working at a competitive wage-price they are happy with.