The wisdom of crowds concept is based on the belief that a diverse group of individuals is always correct in its assessment of a problem, as compared to a group of qualified individuals.

Question

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The wisdom of crowds concept is actually based on the idea that a group of individuals, regardless of their qualifications, can make more accurate predictions or decisions than any single individual in the group. However, the group must meet certain conditions, such as being diverse, independent, decentralized, and having a way to aggregate their individual opinions.

The Wisdom of Crowds Concept Is Based on the Belief