One Advantage of Group Decision Making Is

question 12

Multiple Choice

One advantage of group decision making is:

• A) groupthink.
• B) saved time.
• C) more acceptance of the final decision.
• D) lowered cost of decision making.
• E) elimination of political forces.

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Definitions:

Government Failure

A situation where government intervention in the economy causes more harm than good, leading to inefficient outcomes.

Inefficient Use

The situation where resources are not being used in the best possible manner, where potential output is not maximized.

Structure of Incentives

The arrangement or design of rewards and penalties that influence the behavior of individuals and organizations towards certain actions over others.

Spillover Effects

Spillover Effects are unintended consequences of an economic activity that affect third parties who are not directly involved in the activity itself.