Question

Which statement is an economic rationale for the law of increasing opportunity cost?

Accepted Answer

A)  The economy is employing all of its available resources. 
B)  Many economic resources are better at producing one product than another. 
C)  In any economy, the state of technology is changing and resources are variable. 
D)  The economy is achieving productive efficiency by producing goods and services at the least cost. 
A)  The economy is employing all of its available resources. 
B)  Many economic resources are better at producing one product than another. 
C)  In any economy, the state of technology is changing and resources are variable. 
D)  The economy is achieving productive efficiency by producing goods and services at the least cost.

Which statement is an economic rationale for the law of increasing opportunity cost?

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Elasticity of Demand and Supply

Market Failures: Public Goods and Externalities

Businesses and Their Costs

Pure Competition

Pure Monopoly

Monopolistic Competition and Oligopoly

GDP and Economic Growth

Business Cycles, Unemployment, and Inflation

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Interest Rates and Monetary Policy

International Trade and Exchange Rates

Wage Determination

Income Inequality and Poverty

Filters

Exam 1: Limits, Alternatives, and Choices

Which statement is an economic rationale for the law of increasing opportunity cost?

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Elasticity of Demand and Supply

Market Failures: Public Goods and Externalities

Businesses and Their Costs

Pure Competition

Pure Monopoly

Monopolistic Competition and Oligopoly

GDP and Economic Growth

Business Cycles, Unemployment, and Inflation

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Interest Rates and Monetary Policy

International Trade and Exchange Rates

Wage Determination

Income Inequality and Poverty

Filters