What is the difference between "straight-time pay," "commission pay," and "piece-rate pay"?
What will be an ideal response?
Straight-time pay refers to pay based on the amount of time spent working, such as an hourly wage or weekly salary. Commission pay and piece-rate pay are wages based on actual output produced.
You might also like to view...
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
Which of the following is NOT a condition for price discrimination to exist?
A. unpatented product or the service B. identification of buyers with differing elasticities C. downward sloping demand curve faced by the firm D. ability to prevent the resale of the product or service