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What Does Groupthink Mean? Explain with the Help of an Example

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What does groupthink mean? Explain with the help of an example.


Definitions:

Average Product

The output produced per unit of input, calculated by dividing total production by the number of input units.

Marginal Product

The additional output resulting from using one more unit of a particular input while holding all other inputs constant.

Accounting Profits

The difference between total revenue and explicit costs, representing the net income shown on a company's financial statements.

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