Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.

Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 9PA

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Question

Classifying a good as rival means

that the good is produced in a competitive market.

anyone who does not pay for the good cannot consume it.

that there is a shortage of the good.

that when one person consumes a unit of the good no one else can consume it.

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