Which of the Following Best Explains Why It Is Sometimes

question 23

Multiple Choice

Which of the following best explains why it is sometimes efficient to charge a positive price for the use of some products such as museums,beaches,and roads?

• A)Since these products are non-excludable,it is sometimes efficient to charge a positive price.
• B)Once these products become congested they become rivalrous,marginal cost is positive,and a positive price is then efficient.
• C)Each person consuming the product has a positive marginal benefit and should therefore pay a positive price.
• D)Since these products are excludable,marginal cost is always positive,and a positive price is appropriate.
• E)Since these products are excludable and non-rivalrous,it is always efficient to charge a positive price.

Understand and explain various cognitive biases and their impact on decision making.

Differentiate between various cognitive biases such as confirmation bias, framing effect, availability heuristic, and representativeness heuristic.

Recognize the influence of cognitive biases in everyday situations.

Explain the concept of belief perseverance and methods to reduce its effects.

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Definitions:

Mega-Church

Refers to a very large Christian congregation, often associated with evangelical Protestantism, characterized by thousands of members and a wide range of social and community services.

Sister Aimee

A reference to Aimee Semple McPherson, a pioneering figure in the use of media, especially radio for the broadcast of Christian evangelical messages in the early 20th century.

Monastery

A building or complex where monks or nuns live, work, and worship, often secluded from the rest of society and dedicated to religious life.

Sweat Lodge

A traditional Native American ceremonial sauna used for purification and healing.