An Example of a Good That Is Nonrival in Consumption

question 119

Multiple Choice

An example of a good that is nonrival in consumption is

• A) a music CD.
• B) a radio broadcast of a song.
• C) a ticket to a concert.
• D) a guitar.

Understand the principle of economic efficiency and its application in decision-making.

Recognize the role of information in consumer decision-making and the value of brands.

Distinguish between the protective, productive, and redistributive functions of government.

Comprehend the concept of diminishing returns and its implication for economic activities.

---

Definitions:

Specific Performance

is a legal remedy in contract law where a court orders a party to perform their contractual duties, rather than simply paying damages for failing to fulfill the contract.

Seller

A seller is an individual or entity that offers goods or services for sale.

Identified Goods

Identified goods are specific items that have been designated or set aside for a particular contract or sale, distinct from others.

Solvent

The state of being able to pay all debts as they come due, and having assets exceed liabilities.