Which of the Following Terms Refers to an Incentive Plan

question 66

Multiple Choice

Which of the following terms refers to an incentive plan in which a person is paid a sum for each item he or she makes or sells, with a strict proportionality between results and rewards?

• A)variable pay
• B)straight piecework
• C)straight hourly pay
• D)standard hour plan

Calculate the common difference of arithmetic sequences.

Calculate the common ratio of geometric sequences.

Use arithmetic sequence formulas to find specific terms and sums.

Use geometric sequence formulas to find specific terms and partial sums.

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Definitions:

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in quantity sold.

Upsloping Curve

A graphical representation showing a positive relationship between two variables, where an increase in one variable results in an increase in the other.

Average Revenue

Total revenue from the sale of a product divided by the quantity of the product sold (demanded); equal to the price at which the product is sold when all units of the product are sold at the same price.

Elasticity Coefficient

A numerical value that measures the responsiveness of the quantity demanded or supplied of a good to a change in its price or other factors.