Which of the Following Best Describes the Condition(s) Essential to the "Wisdom

question 24

Multiple Choice

Which of the following best describes the condition(s) essential to the "wisdom of crowds" effect?

• A) diversity of opinion
• B) independence of thought
• C) confidence
• D) diversity of opinion and independence of thought

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Definitions:

Labour Costs

The total expenditure incurred by employers for the payment of wages, benefits, and taxes associated with labor.

Learning Curve

The graphical representation of how an individual's or group's performance improves over time with experience or practice.

Craftsmen's Time

Refers to the working hours spent by skilled workers or artisans on a specific task or project.

Arithmetic Concept

A fundamental principle or idea in mathematics that involves the study and application of numbers and operations such as addition, subtraction, multiplication, and division.