Decision by Minority Is Most Useful When

question 78

Multiple Choice

Decision by minority is most useful when

• A) Many decisions need to be made and time is short
• B) An expert is unavailable to make the decision
• C) Those in authority do not care about the outcome
• D) Group members do not care who makes the decision

---

Definitions:

Elastic

Describes a situation in which the quantity demanded or supplied of a good or service is significantly affected by changes in its price.

Pure Monopolist's Demand Curve

A graphical representation showing how a monopolist's quantity sold varies with price, typically downward sloping, reflecting that the monopolist can set prices above marginal costs.

Elastic

A characteristic of a good or service indicating that its demand or supply is sensitive to changes in price.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.