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Comparative evaluation methods differ from non-comparative methods in that:
Least-Cost Producer
A producer that can provide goods or services at the lowest possible cost, often due to advantages in technology, processes, or access to resources.
Covert Collusion
An implicit or indirect agreement among competitors to fix prices, limit supply, or divide markets, without explicit communication or a formal agreement.
Gentlemen's Agreements
Informal, non-binding agreements between parties based on honor and not legally enforceable.
Formal Cartels
An agreement among competing firms to control prices, production, and market distribution, which is often illegal.
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