If You Can Prevent Someone from Consuming a Good,that Good

question 38

Multiple Choice

If you can prevent someone from consuming a good,that good is called

• A) rival.
• B) nonrival.
• C) excludable.
• D) nonexcludable.
• E) a public good.

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Definitions:

Technological Improvements

Advances in technology that enhance productivity, efficiency, and quality in goods and services.

Demand Falls

A situation where the quantity demanded of a product decreases, often due to changes in price, income, or preferences.

Costs Of Production

All expenses incurred in the creation of goods or services, including raw materials, labor, and overhead costs.

Increasing Cost Industry

An increasing cost industry is one in which production costs rise as the industry's output increases, often due to scarce resources or increasing input prices.