Goods Are Said to Be Rival in Consumption Because They

question 25

True/False

Goods are said to be rival in consumption because they are substitutes in consumption,such as coffee and tea or road travel and air travel.

---

Definitions:

Accounts Payable

A liability on a company's balance sheet that represents the amounts due to suppliers by the business.

Straight-Line Method

The straight-line method is a way of calculating the depreciation of an asset, which spreads the cost of the asset evenly over its expected useful life.

Equipment

includes tangible property that is used in operations, often for more than one year, such as machinery, computers, and vehicles.

Depreciation

The methodical distribution of an asset's depreciable value across its lifespan.