Multiple Choice
Wage rates in many industries are positively correlated with seniority-the longer the worker has been with the firm, the higher is the worker's wage rate. Seniority based wage rates:
A) can be interpreted as piece rate compensation.
B) are valuable when workers get better at their jobs with experience.
C) are only observed in unionized firms.
D) are never a Pareto- optimal form of compensation.
Correct Answer:
Verified
Correct Answer:
Verified
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