Which of the following statements is true about a product market? The cost of labor does not affect the product market because it is an insignificant part of an organization's costs. Organizations in a product market are competing to serve the same customers. Product markets typically place a lower limit on the pay an organization will offer its employees. Organizations in a product market must increase the cost of labor every quarter. Trevor, the human resource manager at XTech, is advising the company's business executives that paying more for labor than competitors can support the company's strategy. Under what conditions might Trevor's idea be most valid? XTech intends to charge less than competitors for the same kinds of products. XTech hopes other companies will eventually match XTech's pay scale... O XTech is developing a low-price strategy that will generate more sales. O XTech pays more to attract top talent, applying employees' knowledge to be more innovative than competitors. Internal Equity refers to an employee's... perceptions of whether their pay is fair relative to other jobs within the same organization. perceptions of whether their pay is fair relative to others doing the same job within the organization. perceptions of whether their pay is fair relative to what other organizations pay for the same job. perceptions of whether there is equal pay for equal work in the organization. 8 8 8