Asked by Sadie Brown on Jul 18, 2024
Verified
Which statement is true about a product market?
A) The cost of labor does not affect the product market because it is an insignificant part of an organization's costs.
B) Product-market considerations are of particular concern to a company when its customers place greater importance on product rather than price.
C) Organizations in a product market are competing to serve the same customers.
D) Product markets typically place a lower limit on the pay an organization will offer its employees.
E) Organizations in a product market must increase the cost of labor every quarter.
Product Market
The marketplace where final goods or services are offered to consumers, businesses, and other entities.
Cost of Labor
The total amount spent by employers to compensate employees, including wages, benefits, and any other costs associated with employment.
Serve The Same Customers
The practice of targeting and catering to the same client base by different businesses or services.
- Comprehend the role of product and labor markets in shaping payroll choices within organizations.
Verified Answer
Learning Objectives
- Comprehend the role of product and labor markets in shaping payroll choices within organizations.
Related questions
Although Labor and Product Markets Limit Organizations' Choices About Pay ...
Organizations Under Pressure to Cut Labor Costs May Respond by ...
In the Labor Market, Contracts Are Often Designed to Include ...
Vroom Motors, an Automobile Company, Ties Individual Performance, Profits, and ...
A Merit Pay Incentive System Is Used to Attract Employees ...