The law of increasing opportunity costs states that as

A) less of a good is produced, the higher the opportunity costs of producing that good.
B) more of a good is produced, the lower the opportunity costs of producing that good.
C) more of a good is produced, the higher the opportunity costs of producing that good.
D) more of a good is produced, the opportunity cost of producing the good remains the same.
E) a and b


C

Economics

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A. lower; potential B. higher; potential C. higher; higher D. lower; higher

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Comparative advantage refers to a country's:

A. Ability to produce a specific good with fewer resources than another country. B. Monopoly power in the world market for a specific good. C. Ability to sell a specific good for a higher price than another country. D. Ability to produce a specific good at a lower opportunity cost than another country.

Economics

A saver can eliminate ________ risk through ________.

A. systemic; diversification B. systemic; asset valuation C. idiosyncratic; asset valuation D. idiosyncratic; diversification

Economics

Exhibit 6-9 Cost schedule for firm X OutputQuantity Total FixedCost Total VariableCost 0 $100 $    0 1   100     50 2   100     84 3   100   108 4   100   127 5   100   150 As shown in Exhibit 6-9, the average total cost of producing 5 units is:

A. $20. B. $30. C. $50. D. $250.

Economics