Examlex
Managers at the Allerton Bank get a performance appraisal one time each year. The bank uses a relatively new evaluation process that provides feedback about performance not only from superiors but also from subordinates and other managers at the same level. This type of evaluation is known as a(n) :
Oligopolistic Firms
Companies operating in an oligopoly market structure, characterized by limited competition and high control over market prices.
Tacit Collusion
An unspoken, implicit agreement among competitors to avoid certain competitive behaviors, such as price undercutting, to stabilize the market and maintain higher prices.
Cartel
An association of independent companies or entities that agree to limit competition between themselves, often to control prices and production in a particular market.
Allocative Efficiency
A state of the economy in which the distribution of resources among different uses is optimal, reflecting consumer preferences and maximizing total societal welfare.
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