Trial and Error Is Sometimes Referred to as A(n) __________

question 173

Multiple Choice

Trial and error is sometimes referred to as a(n) __________.

• A) mechanical solution
• B) algorithm
• C) heuristic
• D) rule of thumb

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Definitions:

Excludable

A characteristic of a good or service that allows the owner or provider to prevent others from using it without permission.

Rival

A characteristic of a good or service that implies its consumption by one individual prevents simultaneous consumption by another individual.

Public Goods

Public goods are commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.

Private Goods

Goods that are both excludable and rivalrous, meaning only those who pay for them can use them, and one person's use of the good reduces others' ability to use it.