________ Occurs When All Members of a Group Agree on Mistaken

question 18

Short Answer

________ occurs when all members of a group agree on mistaken conclusions due to conformity in sharing the same mind-set.

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Definitions:

Price Elastic

Relating to the responsiveness of the demand or supply of a good or service to changes in its price.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level.

Inelastic

A description of a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.