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What Are the Three Major Theoretical Approaches to Reward Administration

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What are the three major theoretical approaches to reward administration?


Definitions:

Marginal Costs

The expense associated with the production of an extra unit of a product or service.

Marginal Returns

The additional output that is produced as a result of increasing one more unit of an input while holding other inputs constant.

Marginal Cost

The additional cost incurred from the production of one more unit of a product or service.

Total Cost

The complete cost of production that includes both fixed and variable costs.

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