Henry L Gantt Humanized Frederick Taylor's Differential Piece-Rate Plan by Combining

question 117

True/False

Henry L. Gantt humanized Frederick Taylor's differential piece-rate plan by combining a guaranteed day rate (minimum wage) with an above-standard bonus.

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Definitions:

Quasilinear Preferences

Consumer preferences where the utility function is linear in one of the goods, indicating constant marginal utility for that good.

Income Offer Curve

A graphical representation showing how an individual's optimal choice of goods to consume changes as their income changes.

Substitutes

Substitutes are goods or services that can be used in place of each other, where the consumption of one increases, the demand for the other decreases.

Increase Demand

A rise in the quantity of a product or service that consumers are willing and able to purchase at a given price, usually due to factors like income growth, price decrease of the good, or changes in tastes and preferences.