In 2015,the Average Total Compensation for a CEO of a Company

question 7

Multiple Choice

In 2015,the average total compensation for a CEO of a company in the Standard and Poor's 500 Index was more than _____ times as much as the average worker.

• A) 50
• B) 150
• C) 335
• D) 500

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Definitions:

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, across all jobs available in the economy.

Monopsonistic Employer

A labor market condition where a single employer significantly controls the market for workers and can dictate terms of employment.

Competitive Market

A market structure characterized by a large number of buyers and sellers where no single participant can significantly influence price.

MRP of Labor

Marginal Revenue Product of Labor; the additional revenue generated by employing one more unit of labor.