If Employees Are Being Paid Fairly, They Will Not Compare

question 13

True/False

If employees are being paid fairly, they will not compare their own pay to that of others in the organization.

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Definitions:

Labor

The effort by humans to produce goods or services in exchange for wages or other forms of compensation.

Total-Product Schedule

A table showing the output or total product resulting from various quantities of inputs or resources, used in production theory.

Marginal Revenue Product

The increase in revenue resulting from the utilization of one extra unit of a factor of production.

Resource

An economic or productive factor required to accomplish an activity or as means to undertake an enterprise and achieve desired outcome.