The Wisdom of the Crowd Effect Was First Documented by Francis

question 53

True/False

The wisdom of the crowd effect was first documented by Francis Galton in the early 20th century.

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Definitions:

Pounds of Berries

A unit of measure indicating the quantity of berries, communicated in terms of their total weight in pounds.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive.

Market Equilibrium

A situation where the quantity demanded by consumers equals the quantity supplied by producers, resulting in a stable market price.

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service doesn't reach or cannot reach equilibrium.