Consider an apple orchard owner deciding how to incentivize his fruit pickers. He pays per pound harvested but adjusts the compensation rate higher during poor harvest seasons. As a consequence
a. The compensation rate should be fixed at all times
b. The pickers might try to game the system by discouraging others from harvesting too much
c. The pickers would claim good harvests in order to be paid higher piece rates even during poor harvest seasons
d. None of the above
b
Economics
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Explain the difference between a nominal value and a real value
What will be an ideal response?
Economics
Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cookies in terms of cake is
A) $2.00 per cookie. B) $4.00 per cookie. C) 1/2 slice of cake per cookie. D) 2 slices of cake per cookie.
Economics