Jointly Consumed Good and Services That Are Available to Everyone

question 18

Multiple Choice

Jointly consumed good and services that are available to everyone are labeled

• A) private goods and services
• B) toll goods and services
• C) public goods and services
• D) common-pool goods and services

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Definitions:

Availability Heuristic

A cognitive rule of thumb that says that the perceived probability of an event or the importance assigned to it is based on its availability in memory.

Augmenting Principle

A principle in attribution theory suggesting that if an event occurs despite the presence of strong opposing forces, we should attribute the event to the actions of the agent.

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.

Self-Serving Bias

A cognitive bias that involves perceiving oneself in an overly favorable manner or attributing success to personal factors while attributing failures to external factors.