A Commodity or Service Whose Consumption by One Person Does

question 50

Multiple Choice

A commodity or service whose consumption by one person does not preclude others from also consuming it is called a

• A) private good.
• B) public good.
• C) Giffen good.
• D) Coase good.

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Definitions:

Outgroup Homogeneity Bias

Outgroup Homogeneity Bias is the tendency to view individuals from outside one’s own group as more similar to each other than those within the group, leading to stereotypical thinking.

Group Attribution Error

The tendency to make broad stereotypical judgments about a group based on the actions of a few individuals within that group.

Ultimate Attribution Error

A bias in which negative behaviors by out-group members are attributed to their character, while similar actions by in-group members are attributed to situational factors.

Law Of Small Numbers

A cognitive bias where people infer broader conclusions from a small set of observations than is statistically warranted.