The "Principle of Rival Consumption" Applies to Which of the Following

question 101

Multiple Choice

The "principle of rival consumption" applies to which of the following?

• A) national defense
• B) the free-rider problem
• C) the exclusion principle
• D) a private good

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Definitions:

Labor

A term referring to the human effort, both physical and mental, used in the production of goods and services.

Marginal Product

The extra output or benefit produced by using one more unit of a given input, such as labor or capital.

Labor

The effort by humans to produce goods or services in the economy. It is often considered one of the key factors of production alongside land and capital.

Capital

Refers to financial resources, assets, or funds a company or individual possesses for pursuing investment opportunities or operational activities.