One Advantage of Group Decision Making Over Individual Decision Is

question 76

Multiple Choice

One advantage of group decision making over individual decision is

• A)the decision is more creative.
• B)accountability is easier to determine.
• C)the decision-making process is more efficient.
• D)the implementation of the decision is more

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Definitions:

Reallocating Expenditures

The process of adjusting how money is spent across different goods, services, or categories to optimize outcomes or achieve desired objectives.

Substitution Effect

(1) A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the good’s own price. (2) The reduction in the quantity demanded of the second of a pair of substitute resources that occurs when the price of the first resource falls and causes firms that employ both resources to switch to using more of the first resource (whose price has fallen) and less of the second resource (whose price has remained the same).

Product Quality

Refers to the characteristics and features of a product that contribute to its ability to meet given requirements or expectations.

Budget Constraint

The limit that the size of a consumer’s income (and the prices that must be paid for goods and services) imposes on the ability of that consumer to obtain goods and services.