Examlex
All of the below are needed for "groupthink" to occur EXCEPT
Deadweight Loss
A reduction in economic effectiveness that happens when a good or service does not reach or cannot reach equilibrium.
Monopolist
A single seller in a market who has significant control over the price and supply of a product.
Marginal Cost
The variation in the overall expense that occurs as a result of increasing the production quantity by one unit.
Consumer Surplus
The benefit consumers receive when they pay less for a product than what they were prepared to pay, measured by the area beneath the demand curve and above the price.
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