During the Constitutional Convention of 1787, delegates faced significant disagreements regarding the structure of the new government. One crucial debate revolved around the representation of states in the legislature. Some delegates favored the Virginia Plan, which proposed representation based on population, while others supported the New Jersey Plan, advocating for equal representation for each state. To resolve this conflict, a compromise was reached known as the Great Compromise (or Connecticut Compromise). Which of the following statements best encapsulates the essence of the Great Compromise?