An object with the displayed property is called small projective; the term 0-presentable here uses this all-small-colimits convention. In a presheaf category, every representable presheaf has this property by the Yoneda lemma and pointwise computation of colimits. Conversely the canonical colimit presentation of a presheaf shows that the identity on such an object factors through one representable, making it a retract. If the indexing category has equalizers, a representable retract is again representable by the representable retract criterion.
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