Asked by Charlotte Laprarie on Jun 26, 2024
Verified
Goods are said to be rival in consumption because they are substitutes in consumption,such as coffee and tea or road travel and air travel.
Rival in Consumption
A characteristic of a good where its consumption by one person reduces its availability for another person.
Substitutes
Goods or services that can replace each other in use or consumption, where an increase in the price of one leads to an increase in demand for the other.
- Identify the aspects and challenges involved in the management of common assets.
Verified Answer
IH
Ida Helen Vasili-PajoJul 01, 2024
Final Answer :
False
Explanation :
Goods are considered rival in consumption if one person's use of the good diminishes the ability of another person to use it, not because they are substitutes.
Learning Objectives
- Identify the aspects and challenges involved in the management of common assets.