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
D
You might also like to view...
Exempting food purchases from sales tax is consistent with the ability-to-pay principle, although not necessarily consistent with vertical equity
Indicate whether the statement is true or false
The automatic budget deficits and budget surpluses that occur in the federal budget over the business cycle
A) destabilize the economy. B) stabilize the economy. C) decrease potential GDP. D) increase potential GDP.
If we were to pay everyone exactly the same income
A) there would be a large amount of economic growth. B) there would be no incentive to invest in human capital. C) more people would seek an education. D) productivity would increase.
Which of the following is NOT an example of common property?
A) a trampoline B) air C) gravity D) sunshine