The FLSA of 1938 Guidelines State That Employers Must Compensate

question 16

True/False

The FLSA of 1938 guidelines state that employers must compensate employees for duties and activities that are indispensable to performing principal activities.(Nonproduction Time)

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Definitions:

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while other factors are held constant, the additional output generated will eventually decrease, related to diminishing marginal utility but applied to production.

Short-Run Equilibrium

A condition in a market or economy where all forces are balanced, but only temporarily; prices and output may change until a long-run equilibrium is achieved.

Long-Run Equilibrium

A condition where an economy or market achieves a stable state after adjustments, where supply equals demand over an extended period.

Pure Competition

A market structure characterized by a large number of sellers and buyers, free entry and exit, and a product that is homogeneous across producers.