Use the Figure to Answer the Following Question(s)

question 241

Multiple Choice

Use the figure to answer the following question(s) .
Figure 9-9
-If the market price in Figure 9-9 increases to $60, what should the firm do?

• A) produce 10 per day
• B) produce 15 per day
• C) produce 20 per day
• D) increase its price to $70

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Definitions:

Proposed Plan

A suggested course of action or strategy, typically presented for consideration, approval, or implementation.

Risky Shift

A phenomenon where group decisions tend to be riskier than the average of the individual choices initially proposed by the group members.

Conservative Shift

A psychological theory indicating that groups tend to make decisions that are more risk-averse or conservative than individual members would make alone.

Group Decision Making

The process by which a group of individuals collaboratively makes a choice from the alternatives.