What Does the Correlation Coefficient of the Market Pay Line

question 7

Multiple Choice

What does the correlation coefficient of the market pay line tell you?

• A) "goodness of fit" between the job evaluation points and market pay
• B) pay equity adjustments to be made
• C) degree of freedom in market rates
• D) accuracy of the market data

---

Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party when the latter has reasonably relied on that promise to their detriment.

Unilateral Contracts

Unilateral contracts are agreements in which one party makes a promise in exchange for the other party's performance, not a promise of performance.

Revocation

The act of withdrawing, cancelling, or repealing a right, offer, contract, or privilege.

Firm Offer

An irrevocable offer made in a commercial context that remains open for a specified period of time, often used in the sale of goods.