Five myths about teachers' attitudes regarding merit pay are discussed. The first myth, "Teachers favor merit pay," contrasts with several findings from studies and surveys which indicate that teachers generally do not favor merit pay. Myth number two, "Money is a motivator--more money produces more work," is also argued against with the help of research studies that indicate that money motivates some people in some circumstances. The third myth states that "Merit pay will persuade highly qualified people to enter and stay in teaching," but the paper posits that teachers do not enter teaching to make money; teachers are not particularly satisfied with the salaries they make, but do not leave teaching primarily because of low salaries. "Merit pay promotes competition and competition promotes excellence" is the fourth myth, but the paper asserts that greater competition will not produce excellence in education and that greater cooperation probably will. In response to myth number five, "Motivating teachers is a simple matter of offering an extrinsic reward," the document presents research findings which indicate that needs, need satisfaction, and motivation vary from one individual to another and that merit pay could actually depress an individual teacher's intrinsic motivation. (CB)