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Since Group Results Cannot Be Attributed to Any Single Person

question 39

Multiple Choice

Since group results cannot be attributed to any single person, the relationship between an individual's input and the group's output is clouded and this increases the possibility of ________.


Definitions:

Giffen Good

A product that people consume more of as the price rises, violating the basic law of demand.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods or services.

Indifference Curve

A chart illustrating diverse pairings of two items that offer the same level of contentment and usefulness to a shopper.

Budget Constraint

The limitations on the consumption choices of an individual or household as determined by income and the prices of goods and services.

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