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Explain the compensation objectives of the pay model.The basic objectives include efficiency,fairness,ethics,and compliance with laws and regulations.
Wage Rate
The amount of money a worker is paid per unit of time, such as an hour or a month.
Marginal Cost
The cost related to the production of an additional unit of a product or service.
Price Taker
A seller (or buyer) that is unable to affect the price at which a product or resource sells by changing the amount it sells (or buys).
Monopolistic Competitor
A firm in a market where many competitors sell products that are differentiated from one another and hence are not perfect substitutes.
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