1. Which of the following is not a good business reason a company might choose to pay base wages above market competitors? A. Employees attracted and retained may be more productive B. Turnover should be lower C. Competitor labor costs will be lower D. To attract a stronger pool of job applicants 2. Which of the following is an example of a single price or quoted price? A. A product on e-Bay B. A product at a garage sale C. A used car D. A product at Kroger's Grocery Store 3. In the abstract, according to economic theory, the market pay rate is the: A. minimum wage rate set by the Department of Labor. B. pay rate at which some applicants will accept a job. C. a fair rate. D. point at which supply and demand lines cross. 4. Output associated with hiring an additional person, holding constant other production factors, is referred to as: A. productivity B. the marginal product of labor. C. incremental productivity. D. the marginal revenue product of labor