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The sum of consumers' surplus and producers' surplus is maximized at equilibrium.
Job Evaluation System
A method used by organizations to assess the value of each job in relation to others within the company to determine appropriate compensation levels.
Point Method
A technique used in job evaluation that involves quantifying job elements to determine the value of a position within an organization.
Competency-Based Pay
A salary system that bases compensation on an employee's skills, abilities, and performance rather than job title or position alone.
Commission Pay
A form of compensation based on a percentage of sales or profits generated by an employee, commonly used in sales roles to motivate performance.
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