Obstacles in Achieving Efficiency in a Market Include

question 201

Multiple Choice

Obstacles in achieving efficiency in a market include

• A) public goods.
• B) the presence of an external cost or benefit.
• C) competition.
• D) Both answers A and C are correct.
• E) Both answers A and B are correct.

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Definitions:

Common Goal

A shared objective or outcome that a group or team aims to achieve, fostering collaboration and unity among its members.

Groupthink

A psychological phenomenon where the desire for group harmony leads to incorrect or poor decision-making.

Self-Censorship

The act of censoring or restricting one's own speech, expression, or actions, often out of fear of reprisal or offending others.

Illusion of Unanimity

This refers to the misleading perception within a group that unanimous agreement exists, often due to the suppression of dissenting opinions and the pressure to conform.