For an Individual to Feel Equitably Treated,the Input/outcome Ratio Must

question 151

True/False

For an individual to feel equitably treated,the input/outcome ratio must be about the same as the other individual's ratio with whom he or she is comparing.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers over a range of prices.

Equilibrium Price

The cost where the amount of products offered matches the amount of products sought by consumers.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity of goods or services demanded at the market equilibrium price.

Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price levels of those goods.