An Ontario-Based Organization Asks You to Recommend a Job Evaluation

question 17

Multiple Choice

An Ontario-based organization asks you to recommend a job evaluation method that may meet pay equity legislation.What job evaluation method are you likely NOT to recommend?

• A) point
• B) factor comparison
• C) ranking
• D) classification

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Definitions:

Monopolistic Competition

A marketplace setup where plenty of businesses distribute products that resemble each other but are not duplicates, allowing them a partial degree of marketplace power and the ability to individualize their offerings.

Pure Competition

A market structure characterized by a large number of small firms, homogenous products, and easy market entry and exit, leading to price takers rather than price makers.

Oligopoly

A market structure characterized by a small number of firms that have the power to influence the prices of their products or services, unlike in perfect competition.

Opportunity Costs

Opportunity Costs represent the benefits a person or society foregoes by choosing one option over another, essentially the cost of what is given up to pursue a particular course of action.