comp chapter 7

If Company A raises its pay rate by one dollar per hour to hire additional workers and competitors immediately match the increase, what will be the most likely result?

the labor costs for company a will increase, but it will be unable to hire additional workers

________ puts a lid on the maximum pay level an employer can set.

the product market

________ is an example of a bourse.

the total compensation for a top athlete

Which of the following is an example of a bourse market?

Flatcake, A website that allows buyers to negotiate prices with the sellers of handmade goods

Which of the following labor demand theories states that work with negative characteristics requires higher pay to attract or retain workers?

compensating differentials

All of the following are advantages of a lead pay-level policy EXCEPT

higher turnover rates

Which of the following is linked to high pay levels?

reduced vacancy rates

Among pay-mix alternatives, the percentage of base pay is highest in a

security or commitment policy

________ is an external competitiveness policy that offers employees substantial options among their pay forms.

shared choice

________ is the additional output associated with the employment of one additional human resource unit, with other production factors held constant.

the marginal product of labor

A small lawn care company has two mowers and four employees. If it hires another employee and the factors of production remain the same, how will the productivity of the fifth employee compare to that of the current four employees?

the productivity will reduce

________ refers to the average of the array of rates paid by an employer.

pay level

In the context of types of markets, which of the following statements is true?

Bourse markets allow haggling over terms and conditions until an agreement is reached

In a hiring situation, considering that other potential costs will not change in the short run, the level of demand that maximizes profits is that level at which the ________ of the last hire is equal to the ________ for that hire.

Marginal revenue; wage rage

The estimates of competitors' pay rates will be incorrect and the pay level and pay mix inappropriately established if:

Markets are incorrectly defined

Which of the following is an example of a quoted-price market?

Nile, a website that allows sellers to sell their products for a fixed price

Which of the following is an assumption held by the labor supply model about the behavior of potential employees?

job seekers do not face barriers to mobility

In which of the following conditions would product market competitors' data be given more weight than data from labor market competitors?

product demand is responsive to price change

Evidence shows that in manufacturing, ________ is positively correlated with hourly wage level.

productivity