___________________________ Is a Model of Problem Solving and Idea Generation

question 162

Short Answer

___________________________ is a model of problem solving and idea generation that employs Web 2.0 tools to marshall the collective talents of a large group of people. Using this approach, companies solicit, refine, and evaluate ideas for new products and services based on input from their customers.

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Definitions:

Marginal Cost

The cost of producing one more unit of a good or service.

Socially Efficient

A condition where resources are allocated in a way that maximizes the overall benefit to society, taking into account all costs and benefits.

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.

Nash Equilibrium

Nash Equilibrium is a concept in game theory where each player's strategy is optimal given the strategies of all other players, leading to a situation where no player can benefit by changing strategies unilaterally.