State the theory of marginal productivity.
What will be an ideal response?
The theory of marginal productivity says that employers pay use value. Unless an employee can produce a value equal to the value received in wages, it will not be worthwhile to hire that worker. One job is paid more or less than another because of differences in relative productivity of the job and/or differences in how much a consumer values the output.
You might also like to view...
A product consists of five parts. The reliabilities of these parts are 0.98, 0.28, 0.99, 0.99, and 0.99. Calculate and indicate product reliability.
A. 0.27% B. 0.32% C. 0.43% D. 0.21%
Diversified retailers are characterized by the need to _____
a. coordinate branch store policies with main stores b. restrict competition c. control merchandise lines d. coordinate interdivision competition
Which of the following does NOT enhance a team’s psychological safety?
a. Team leaders invite input and feedback. b. Teams have a devil’s advocate. c. Teams emphasize status differences among members. d. Team members are allowed to admit mistakes without expecting punishment.
Rule utilitarianism supports rules that, on balance, produce the greatest good
a. True b. False Indicate whether the statement is true or false