A Good or Service or a Resource Is Rival If

question 154

Multiple Choice

A good or service or a resource is rival if

• A) it is possible to prevent someone from enjoying its benefits.
• B) it is not possible to prevent someone from enjoying its benefits.
• C) its use by one person decreases the quantity available for someone else.
• D) its use by one person does not decrease the quantity available for someone else.

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Definitions:

Expense

Expense refers to the outflow of money or other assets, incurred in the process of generating revenue, including costs like rent, salaries, and utilities.

Expenses

Costs incurred in the process of generating revenues, including operating costs, taxes, and interest payments.

Revenues

The total amount of money received by the company for goods sold or services provided during a certain time period.

Net Income

The amount of profit remaining after all expenses, taxes, and costs have been subtracted from total revenue.