With a Standard Hour Plan, Employers Do Not Need to Recalculate

question 42

True/False

With a standard hour plan, employers do not need to recalculate piece rates when changes are made to the hourly pay rate.

---

Definitions:

Equilibrium Quantity

The quantity of goods or services demanded equals the quantity supplied at the market price, resulting in market equilibrium.

Excise Tax

A tax levied on the sale of specific goods and services, such as tobacco, alcohol, and fuel.

Levied

Imposed or collected (usually a tax, fine, or other charge) by authority or force.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.