A Compa-Ratio of 1 Suggests That Actual Pay Is Not

question 92

True/False

A compa-ratio of 1 suggests that actual pay is not consistent with the pay policy.

---

Definitions:

Shortage

The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.

Price Elasticity of Demand

The rate at which demand for a product responds to its price being altered.

Short Run

The period in economic theory during which at least one factor of production is considered fixed.

Long Run

A period in which all factors of production can be varied, and no inputs are fixed.