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Briefly describe the four stages of team formation.
Monitoring Costs
Expenses involved in overseeing and controlling the performance of a business or investment.
CEO's Pay
The compensation package, including salary, bonuses, and benefits, provided to the Chief Executive Officer of a company.
Above-Equilibrium Wage Rate
A situation where the wage for a job is set higher than the market equilibrium, typically leading to surplus labor supply.
Unit Labor Costs
The cost incurred by a company to produce one unit of output, specifically focusing on labor expenses.
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