Answer: Compensating differentials.
Explanation:
Compensating differential is the additional amount of money that a worker is given in order to motivate the worker to accept an undesirable job. Compensating differentials is as a result of the risk of injury, risk of future unemployment, risk of unsafe environment and it explains why there is difference in pay between different regions
Even though Max and Eli have the same skill and are members of the same trade union, Max is paid higher than Eli because Max works in an area with high crime rate while Eli's area has a low crime rate. Thus, Max higher is expected because the cost of living is higher in a city and also due to higher crime rates which means he's likely to work mire than Eli.
Answer and Explanation:
From the given case/scenario we can state that the manager would choose offering the employees opportunity for the achievement and also recognition
.
Two factor theory which is also referred to as the Herzberg's hygiene-motivation theory and the dual factor theory, under this there are few certain factors in a workplace which tends to cause the job satisfaction while on the other hand the separate set of another factors tends to cause dissatisfaction, these factors act independently.
Answer:
The answer is significantly.
Explanation:
Oligopoly is a market situation in which there are few sellers, selling similar goods and services and many buyers. The barriers to entry in this market in high. Example of a oligopoly market is OPEC.
The competition amongst the few sellers is high because they are selling the same thing and a change in price by one firm will significantly affect other firms in the industry. For example, if a firm reduces the price of its goods, this creates a price war and other firms to start reducing their price to match the lower price. And if another firm increases its price, consumers will switch to competitors
Answer:
b. diminishing returns to specialization.
Explanation:
Diminishing returns is also called diminishing productivity. It states that as additional unit of input is used in production it will get to a stage where more of input will be required to maintain output levels.
If the same level of input is used it will result in reduction in output over time.
This is exemplified in this secanrio where it takes 10 units of resources to increase its output of sugar from 12 tons to 13 tons, but 11 units of resources to increase output from 13 tons to 14 tons, and 12 units of resources to increase output from 14 tons and 15 tons.
It takes more input to increase output by 1 ton
Answer:
The opportunity cost of each pipe and what is the sunk cost is $77 and $67 per pipe respectively.
Explanation:
Opportunity cost: The opportunity cost is that cost which is incurred to choose the best options with the available options.
Sunk cost: The sunk cost is that cost which is not recovered in the future. Its other name is the past cost. It does not help to make future decisions as if it is incurred then it cannot be recovered again
So, the opportunity would be the current price i.e $77
And, the sunk cost is $67 per pipe ($77 - $10)
