In One Hour,George Can Fix 4 Flat Tires or Type

question 4

Multiple Choice

In one hour,George can fix 4 flat tires or type 200 words.His opportunity cost of fixing a flat tire is

• A) 200 words
• B) 4 flat tires
• C) 1 word
• D) 50 words
• E) 800 words

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Definitions:

Hybrid Compensation Policy

A compensation plan that combines elements of both fixed salaries and variable pay based on performance, aiming to motivate and retain employees.

Compensation Packages

The total combination of salary, bonuses, benefits, and any other form of financial reward provided to employees.

Market

The environment in which goods, services, and labor are exchanged, influencing prices, employment rates, and economic conditions.

Compensation Role

The function of compensation in an organization, focusing on how it attracts, motivates, and retains employees through monetary and non-monetary rewards.