What are the different modes of payments that employers use? If ...

[Answer to ques. #1]  Pay comes in forms that include piecework; hourly wages; monthly salaries; various forms of sharing, commissions, and tips; and compensation based on company performance. The efficient form depends on such details as the measurability of output, the importance of team production, the impact of random events on productivity, and the observability of effort.

[Answer to ques. #2]  C

[Answer to ques. #3]  b

[Answer to ques. #4]  In a firm where team production prevails and employer-specific human capital is important, the classification of workers into job slots reduces the costs of evaluating productivity and adjusting pay. Such a firm may choose to promote persons through an internal labor market rather than considering outside candidates. An internal labor market facilitates comparisons between candidates for a promotion. Unlike outside applicants, their on-the-job conduct can be easily observed and their records are kept as part of ordinary company business.

[Answer to ques. #5]  D

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