Groups Are Less Likely Than Individuals to Be Extremely Cautious

question 131

True/False

Groups are less likely than individuals to be extremely cautious.

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Definitions:

MB = MC

The principle that optimal decision-making is achieved when the marginal benefit equals the marginal cost.

Unintended Consequences

Outcomes of a policy or action that were not foreseen or intended, often contrary to the original objectives.

Allocating Resources

The process of distributing available resources among various competing needs or projects in an efficient manner.

Invisible Hand

Adam Smith's metaphor describing the self-regulating nature of the marketplace that guides individuals to unintentionally benefit society through personal gain.