The Bay of Pigs Invasion, the Challenger Explosion, and Countless

question 45

Multiple Choice

The Bay of Pigs invasion, the Challenger explosion, and countless other meetings where group unanimity comes at the expense of critical thinking and sound decision-making, is known as ________.

• A)socialthink
• B)thinktank
• C)groupthink
• D)group polarisation

---

Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.

Producer Surplus

Producer surplus is the difference between what producers are willing to accept for a good versus what they actually receive, typically due to market price.

Market Equilibrium

A state where market supply meets market demand, leading to stable prices and quantities.

Producer Surplus

The variance between what producers are prepared to sell a product or service for and the actual revenue they achieve.