Classifying a Good as Rival Means

question 135

Multiple Choice

Classifying a good as rival means

• A)that the good is produced in a competitive market.
• B)that there is a shortage of the good.
• C)that when one person consumes a unit of the good no one else can consume it.
• D)anyone who does not pay for the good cannot consume it.

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Definitions:

Full-Time Student

A student who is enrolled in a higher education institution for the number of hours or courses the school considers to be full-time attendance.

Own Support

Refers to the financial contribution made by an individual towards their own living expenses, potentially affecting tax filing status and dependency exemptions.

Exemption

Deductions allowed by law to reduce taxable income based on taxpayer and dependent information.

Gross Income Test

A criterion used by the IRS to determine if someone can be claimed as a dependent based on their gross income.