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A large community college system recently opened a new campus. The student services offices at the three existing campuses utilized employees in specialized ways: some employees performed advising; others performed counselling; while still others were financial aid experts. At the new campus, employees are encouraged to learn a variety of tasks, which essentially enlarged their jobs and made them more meaningful. The college's approach is consistent with the strategy of which of the following?
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefits received by all parties involved.
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, resulting in market stability.
World Series
The annual championship series of Major League Baseball in North America, contested since 1903 between the American League and National League champions.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.
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