Which Good Has Well-Defined Property Rights

question 11

Multiple Choice

Which good has well-defined property rights?

• A) wild animals
• B) the ocean
• C) a country club golf course
• D) the air
• E) a street performance

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.

Heuristic

A rule-of-thumb or shortcut that is used to make decisions or solve problems more quickly.

Algorithm

A step-by-step procedure for calculations, data processing, and automated reasoning tasks.

Representativeness Heuristic

A cognitive shortcut where people categorize situations or individuals based on how similar they are to typical cases or categories they know.