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The Tendency to Believe That One's Own Group Knows the Best

question 4

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The tendency to believe that one's own group knows the best way to look at things,and that all other approaches are inferior,is called


Definitions:

Marginal Efficiency

The additional benefit received from consuming or producing one more unit of a good or service.

Capital

Refers to any financial asset, including cash, equipment, and buildings, used in production of goods or services.

Investment Project

A project undertaken by a company or an individual in expectation of generating future financial returns.

Bankrupt

A legal status for individuals or entities that cannot repay the debts they owe to creditors.

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