Classifying a Good as Excludable Means

question 64

Multiple Choice

Classifying a good as excludable means

• A)that someone can be barred from consuming the good based on race, creed, or some other irrelevant characteristic.
• B)that anyone who does not pay for the good cannot consume it.
• C)that consumption of the good causes no externalities.
• D)that a producer with patent or copyright protection can exclude any other producer from selling his product.

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Definitions:

Better-than-average Effect

The cognitive bias where individuals overestimate their own qualities and abilities in relation to others.

Real-world Example

An actual, tangible instance or situation that illustrates or clarifies a concept, theory, or phenomenon.

Humanistic Approach

A psychological perspective emphasizing personal growth, self-awareness, and the inherent potential for self-fulfillment.

Personality

The blend of traits or attributes that create a person's unique personality.