The law of increasing costs indicates that the opportunity cost of producing a good:
a. is proportional to the production of the good.
b. is constant to the production of the good.
c. increases as more of the good is produced.
d. decreases as more of the good is produced.
e. increases as less of the good is produced.
c
You might also like to view...
Refer to Table 9-11. Prior to trade, what was the opportunity cost to produce 1 hat in Belize?
A) 1/2 of a clock B) 2/3 of a clock C) 1.5 clocks D) 2 clocks
A firm produces 1000 units per week. It hires 10 full-time workers (40 hours/week each) at an hourly wage of $20 . Raw materials costs $5 per unit. Rent for the factory is $1,500 per week. What are the overall costs for the week?
a. total variable cost is $5,000 . total fixed cost is $1,500; total cost is $6,500 b. total variable cost is $13,000 . total fixed cost is $9,500; total cost is $22,500 c. total variable cost is $13,000 . total fixed cost is $1,500; total cost is $14,500 d. total variable cost is $5,000 . total fixed cost is $9,500; total cost is $14,500
The economic theory of labor markets leads to the conclusion that professional athletes who are paid tens of thousands of dollars per appearance must be paid more than their marginal revenue product
a. True b. False Indicate whether the statement is true or false
If a firm spends $400 to produce 20 units of output and spends $880 to produce 40 units, then between 20 and 40 units of output, the marginal cost of production is:
A. $20. B. $480. C. $24. D. $22.