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.

Question

Quizplus · Accepted Answer

A rival good is one where consumption by one person reduces the availability of that good for consumption by others. This means that when one person consumes a unit of the good, no one else can consume it, making it rivalrous.

Classifying a Good as Rival Means