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If,for a particular job class,the average hourly wage rate is $13,but a less average employee can be paid $11 and an exceptional employee $15,then this is an example compensation policy utilizing __________ within job classes.
Production Function
An equation that specifies the output that can be produced with different combinations of inputs or factors of production.
Total Cost
The sum of all expenses incurred in the production of goods or services, including fixed and variable costs.
Amounts of Factors
The quantities of inputs or resources (such as labor, capital, and materials) used in the production of goods or services.
Three-Factor Production Function
A mathematical model in economics that describes output as a function of three inputs: labor, capital, and land or raw materials.
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