Rival in consumption" refers to goods that are

At the local park there is a playground that anyone may use. There is rarely anyone using the playground, so children who use the playground receive full enjoyment from its use. The playground isGroup of answer choices rival in consumption and is excludable.not rival in consumption, but is excludable.rival in consumption, but is not excludable.not rival in consumption nor is it excludable.

What term describes goods which are both non-rivalrous and non-excludable by nature? Group of answer choicespublic goodsprivate goodscommon resourcesmarket good

Describe what consumption means in an economic context.

The rivalry among competing sellers in an industry intensifiesMultiple Choicewhen buyer demand for the product is growing rapidly.when customers are brand loyal and their costs to switch to competing brands or substitute products are relatively high.when buyer demand is strong and sellers have little or no excess capacity and only minimal inventories.as the number of rivals increases and as they become more equal in size and competitive capability.when the products of rival sellers are highly differentiated products and the industry consists of so many rivals that any one company’s actions have little direct impact on rivals’ business.

Both public goods and common resources areGroup of answer choicesexcludable.nonrival in consumption.nonexcludable.rival in consumption.