Rival

(adjective)

A good whose consumption by one consumer prevents simultaneous consumption by other consumers

Related Terms

Examples of Rival in the following topics:

  • Defining a Good

    • Private goods: Private goods are excludable and rival.
    • Common goods: Common goods are non-excludable and rival.
    • Club goods: Club goods are excludable but non-rival.
    • It requires a monthly fee, but is non-rival after the payment.
    • Public goods: Public goods are non-excludable and non-rival.

  • Cooperation, Competition and Conscription

    • Tennis players are rivals; one wins, one loses.
    • The sellers do not see themselves as rivals (Farmers are often thought of as being engaged in highly competitive markets but do not see themselves as rivals; farmer A will help farmer B harvest her crop).

  • The New Nation's Economy

    • Hamilton's political rival, Thomas Jefferson, based his philosophy on protecting the common man from political and economic tyranny.

  • Private Goods

    • It is excludable and rival.

  • Public Goods

    • It is non-excludable and non-rival in consumption.

  • Price Leadership

    • Unlike perfect competition and monopoly, uncertainty about how rival firms interact makes the specification of a single model of oligopoly impossible.

  • Defining Monopolistic Competition

    • In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms.

  • Inventions, Development, and Tycoons

    • Gates carved out an empire so profitable that by the late 1990s, his company was taken into court and accused of intimidating rivals and creating a monopoly by the U.S.

  • Years of Change: The 1960s and 1970s

    • New nations emerged around the world, insurgent movements sought to overthrow existing governments, established countries grew to become economic powerhouses that rivaled the United States, and economic relationships came to predominate in a world that increasingly recognized military might could not be the only means of growth and expansion.

  • Federal Efforts to Control Monopoly

    • The act outlawed price discrimination that gave certain buyers an advantage over others; forbade agreements in which manufacturers sell only to dealers who agree not to sell a rival manufacturer's products; and prohibited some types of mergers and other acts that could decrease competition.