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How Pay Is Determined by the Relevant Market

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What is a relevant market and what difference does it make when determining pay?

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This solution defines the concept of a 'relevant market' and explains how how pay is determined in a relevant market. 173 words, 1 reference.

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Relevant market is "the market in which one or more goods compete" (Wikipedia, 2013, para 1). This essentially means that it is the market in which various products compete for consumer purchases. For example, a relevant market might be the cell phone market. There are several cell phone ...

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