What does it mean when a good is rival in consumption?
a) One person's use of the good diminishes another person's ability to use it.
b) People can be prevented from using the good.
c) No more than one person can use the good at a time.
d) Everyone will be excluded from obtaining the good.
Ans: a) One person's use of the good diminishes another person's ability to use it.
You might also like to view...
Which of the following is true of the short-run aggregate supply curve?
a. It shows the relation between the inflation rate and the quantity of aggregate output firms supply, other things constant. b. It shows the relation between the price of labor and the aggregate quantity of labor workers supply, other things constant. c. It shows the relation between the interest rate and the quantity of capital goods firms supply, other things constant. d. It shows the relation between the price level and the quantity of aggregate output firms supply, other things constant. e. It shows an inverse relationship between the price level and real GDP.
Average total cost for an information product would
A) first decrease and then increase as quantity increases. B) increase constantly as quantity increases. C) decrease constantly as quantity increases. D) remain constant as quantity increases.