What Is the Benefit of Using Pay Ranges for Each

question 51

Multiple Choice

What is the benefit of using pay ranges for each pay grade?

• A)facilitates the administration of a total rewards system
• B)gives employers more flexibility in the labor market
• C)identifies and corrects out-of-line pay rates
• D)eliminates the need to use a compa ratio

---

Definitions:

Payoff Matrix

A table that shows the possible outcomes or payoffs resulting from different strategies chosen by two or more players in a game.

Dominant Strategy

A strategy that yields the best outcome for a player, regardless of what strategies other players choose.

Duopoly

A market structure characterized by two dominant firms controlling the majority of the market share.

Natural Monopoly

A market structure where a single supplier is most efficient due to high fixed or start-up costs, often in industries like utilities.