Asked by
Jillian Smith
on Oct 24, 2024
Verified
Corn flakes are:
A) a rival good because many firms produce them.
B) a rival good because if another person wants some corn flakes society has to use additional resources to produce corn flakes for that person.
C) a non-rival good because there are only a few firms in the industry.
D) a non-rival good because even if another person wants some corn flakes so many corn flakes are produced that no additional resources are used to satisfy this new customer's needs.
E) a public good.
Rival Good
A type of good that cannot be consumed by more than one person at the same time, because its consumption by one person reduces its availability for others.
- Distinguish between goods that are rival and nonrival, and those that are exclusive and nonexclusive, providing examples for each category.
Verified Answer
EZ
Learning Objectives
- Distinguish between goods that are rival and nonrival, and those that are exclusive and nonexclusive, providing examples for each category.