A Broad Band

question 31

Multiple Choice

A broad band:

• A)reduces the number of job levels within an organization.
• B)refers to the distance between the minimum and maximum pay rate in a pay grade.
• C)is an index of the correspondence between actual and intended pay.
• D)increases opportunity for promotions.
• E)reduces flexibility in job assignments.

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Definitions:

Price Leadership

A situation where a leading company sets prices that other firms in the market follow.

Tacit Collusion

An unspoken, informal agreement among competitors to avoid competitive behaviors like price wars, leading to higher prices for consumers.

Oligopolies

Market structures in which a few large firms dominate the industry, having significant market power to influence prices and terms of sale.

Market Power

The ability of a firm to influence or control the price and output level in the market.