Which of the Following Is Correct with Regard to Compensation

question 82

Multiple Choice

Which of the following is correct with regard to compensation?

• A)The term "compensation" refers to several different elements,including base salary,incentives,bonuses,benefits,and other rewards that employees receive.
• B)There is a general consensus in society that top managers deserve the high compensation they receive because their jobs are very complex and demanding.
• C)The average hourly wage in manufacturing is lower than the average hourly wage in retailing.
• D)Job evaluation is a method for determining whether a worker in a given job should be paid a wage or a salary.
• E)All of these are correct.

Understand the role of self-competency in personal and professional development.

Understand the importance and application of written communication in a business context.

Recognize the impact of technology on the need for constant learning, adaptation, and innovation within organizations.

Identify and develop the skills required for effective team leadership and membership to achieve organizational goals.

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Definitions:

Monopolist

An entity that is the sole provider of a particular product or service, controlling the market and setting prices without competition.

Marginal Revenue

The additional income received from selling one more unit of a product.

Marginal Cost

The additional cost resulting from the production of one more unit of a product or service.

Profit Maximizing

The procedure a business uses to ascertain the most profitable price and volume of output.