Examlex
People's pre-existing beliefs shape how they interpret new information.
Public Good
A product or service that is non-excludable and non-rivalrous, meaning its use by one individual does not reduce availability to others, and people cannot be effectively excluded from using the good.
Optimal Level
The most favorable or desirable point or state for achieving the best outcome or maximum effectiveness.
Free Rider
Consumer or producer who does not pay for a nonexclusive good in the expectation that others will.
Vertical Summation
A method used to derive the market demand curve by adding the quantities demanded by all individuals at each price level, vertically.
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