When a society takes increasing amounts of resources and applies them to the production of a specific good, resulting in increasing opportunity costs for each additional unit produced, which of the following applies?
A) the law of demand
B) the law of supply
C) the law of scarcity
D) the law of increasing additional costs
Answer: D
You might also like to view...
The natural rate of unemployment is that rate
A) below which the economy can never be. B) corresponding to full-employment. C) corresponding to a constant rate of inflation. D) which is zero.
"Unions in the United States have helped raise the incomes of union workers as compared to nonunion workers." Do you agree or disagree? Why?
What will be an ideal response?
Based on the present-aim standard a person who drinks gasoline and subsequently dies could be consider rational as long as:
A. her behavior helps other people. B. her death is not painful. C. she really likes the taste of gasoline and death. D. she thinks her behavior will result in more gasoline for other people.
As Leilani eats a second and third macadamia nut cookie, she will increase her ______ for that good.
a. marginal utility b. demand c. product substitution d. total utility