Classifying a Good as Rival Means

question 22

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) that anyone who does not pay for the good cannot consume it.

---

Definitions:

Heating Oil

A low viscosity, liquid petroleum product used as a fuel oil for furnaces or boilers in buildings for heating purposes.

Supply for Heating Oil

The total availability of heating oil in the market, influenced by production levels, reserves, and importation.

Inferior Goods

Inferior goods are products whose demand decreases as consumer income rises, opposite to normal goods.

Demand

The amount of a product or service that buyers are prepared and capable of buying at different price levels over a specific time frame.