Every society faces trade-offs because we live in a world of scarcity. suppose a student-athlete has the opportunity to earn $1,000,000 next year playing for a minor league baseball team, $300,000 next year playing for a european professional football team, or $0 returning to college for another year. the opportunity cost of the student-athlete returning to college next year

Amanufacturing firm is considering overhauling the existing compensation strategy. currently every front line employee who works on the assembly line earns the same hourly wage. ideally, management would like to institute a new pay system that involves pay-for-performance. which of the following recommendations is both consistent with scientific management's general emphases and generally good advice for management of this firma. the firm should adopt a differential pay system with one pay level for average performance, and a higher level for good performance. b. the firm should adopt a differential pay system, but the firm should modify it from its original design and provide many different levels of pay associated with different performance levels. c. the firm should understand worker psychology and to focus on pay as the key motivator. d. all of the abovee. none of the above