Examlex
List and explain the three basic kinds of compensation decisions. Give two examples of what is involved in making each kind of compensation decision. What is a job evaluation? Which kinds of compensation decisions are directly related to job evaluation?
X-inefficiency
The difference between efficient behaviors of businesses in a competitive market and their actual behaviors due to lack of competitive pressure.
Decreasing-cost Industry
An industry in which the costs of production decrease as the industry grows and output increases.
Decreasing-cost Industry
An industry in which the costs of production per unit decrease as the industry grows and output increases.
Long-run Equilibrium
A state in which all factors of production and outputs are adjusted so that prices, supply, and demand are stable over time.
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