Goods That Are Rival in Consumption,but Not Excludable Are

question 54

Multiple Choice

Goods that are rival in consumption,but not excludable are:

• A) a common resource.
• B) a private good.
• C) a public good.
• D) an artificially scarce good.

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Definitions:

Perfectly Competitive Industry

An industry characterized by many buyers and sellers, where no single entity can influence the market price of the product.

Marginal Cost

The price of manufacturing an incremental unit of a product.

Perfectly Competitive Market

A market structure characterized by an infinite number of buyers and sellers, identical products, no barriers to entry or exit, and perfect information among all participants.

Short-run Industry

A period in which at least one factor of production is fixed, and firms can only partially adjust their production levels.