In Equilibrium in a Perfectly Competitive Labor Market, the Price

question 19

Multiple Choice

In equilibrium in a perfectly competitive labor market, the price of labor:

• A) is the same as the MFCL.
• B) is less than the MRPL.
• C) times MPL is equal to the MFCL.
• D) per unit of time is higher than the wage per unit of time.

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Definitions:

Paired Comparison

A technique used in performance appraisals where employees are compared with each other in pairs, to rank individuals in terms of performance.

Classification/Grading

A job evaluation approach where positions are grouped into categories or grades based on similar duties, responsibilities, and qualifications requirements.

Job Evaluation

A systematic process used to determine the relative worth of jobs within an organization to establish fair and equitable pay.

Ontario Pay Equity Act

Legislation aimed at reducing gender pay disparities by requiring equal pay for work of equal value in Ontario, Canada.