One Advantage of Group Decision Making Over Individual Decision Is

question 74

Multiple Choice

One advantage of group decision making over individual decision is

• A)the decision is more creative.
• B)accountability is easier to determine.
• C)the decision-making process is more efficient.
• D)the implementation of the decision is more difficult.

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Definitions:

Opportunity Costs

Represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Explicit Costs

Direct, out-of-pocket payments for inputs or resources used in the production of goods or services, such as wages for labor, rent for offices, or materials for production.

Implicit Costs

Implicit costs are the opportunity costs of using resources that a company already owns, representing the potential income lost by not utilizing them elsewhere.

Diseconomies of Scale

A phenomenon where an increase in production leads to higher average costs per unit due to inefficiencies, often occurring when companies become too large.