A Non-Rival Good

question 15

Multiple Choice

A non-rival good:

• A)is also nonexclusive.
• B)is also exclusive.
• C)must be free.
• D)is one where the consumption of the good by one person does not reduce the quantity available for consumption by another person.

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Definitions:

Raw Materials

The basic materials and substances used in the initial stages of production to manufacture goods.

Standard Costs

Predicted costs associated with manufacturing or providing a service, used for budgetary control and performance analysis.

Cash Account

An account that tracks the flow of cash transactions, including all receipts and payments of cash.

Standard Cost Variances

Differences between the planned (standard) costs and the actual costs incurred.