________ Describes the Concept That a Large Group of People

question 51

Multiple Choice

________ describes the concept that a large group of people is better at making good decisions than a single person.

• A)The wisdom of crowds
• B)Outsourcing
• C)Crowdsourcing
• D)Social graphing

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Definitions:

Tacit Collusion

An unspoken, non-explicit agreement among competitors to maintain prices at a certain level or to not compete on certain aspects, without direct communication.

Few Firms

A market condition characterized by a small number of companies, often leading to an oligopolistic competition where each firm's actions can significantly impact the market.

Economic Profits

The difference between total revenues and total explicit and implicit costs.

Monopolist

A monopolist is a sole provider of a product or service in a market, possessing significant market power to set prices above competitive levels due to lack of competition.