An Example of a Good That Is Rival in Consumption

question 222

Multiple Choice

An example of a good that is rival in consumption is

• A) a radio program.
• B) a copy of an economics textbook.
• C) an economics web page.
• D) a poster of famous economists.

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Definitions:

Owner's Drawings

A withdrawal by the owner of a business for personal use, reducing the equity in the business.

Income Summary

An account used during the closing process that aggregates all income and expense accounts to determine the net profit or loss.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or one operating cycle, whichever is longer.

Classified Balance Sheet

A financial statement that groups a company's assets, liabilities, and equity into categories, making it easier to assess financial health.