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The labor demand curve in a perfectly competitive factor market is the horizontal sum of all firms':
Skill-Based Pay
A compensation system where employees are paid based on their skills, competencies, or acquired certifications, rather than their job title or position.
Flexible Benefits
An employee benefits plan that allows workers to choose from a variety of pre-tax benefits to create a package tailored to their personal needs and preferences.
Monetary Based
Relating to, involving, or existing in the form of money.
Merit Pay
A compensation strategy that involves giving pay increases or bonuses to employees based on their performance achievements.
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