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Revealed preferences tells us that if basket and basket lie on the same budget constraint but the consumer chooses instead of , then we know that:
Ivy League
A prestigious group of eight private research universities in the Northeastern United States, known for their high academic standards and significant history.
Groupthink
A psychological phenomenon where the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.
Preventing Groupthink
Strategies or methods employed to ensure that decision-making within a group is based on critical thinking and not on the desire for harmony or conformity.
Meritocracy
A system or society in which people are selected, rewarded, and advanced in accordance with their talents, abilities, and efforts rather than their social status or background.
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