Compensation,as Described in Your Text,refers to the ________

question 38

Multiple Choice

Compensation,as described in your text,refers to the ________.

• A) total of all rewards provided to employees in return for their services
• B) wages individuals receive each pay period
• C) wage schedules and wage rates listed in the union contract
• D) internal alignment of intrinsic awards

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Definitions:

Diminish Profits

The reduction in the amount of earnings as a result of increased costs, decreased revenue, or both.

Economic Profit

The financial difference created by subtracting total explicit and implicit expenses from total revenue in a company.

Fixed Input

A resource or factor of production whose quantity does not change with the level of output in the short run.

MRC

Marginal Resource Cost, the cost of utilizing one additional unit of a resource or factor of production.