The Law of Increasing Opportunity Costs States That

Multiple Choice

The law of increasing opportunity costs states that

A) if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of another good to do so.
B) the sum of the costs of producing a particular good cannot rise above the current market price of that good.
C) if the sum of the costs of producing a particular good rises by a specified percentage, the price of that good must rise by a greater relative amount.
D) if the prices of all the resources used to produce goods increase, the cost of producing any particular good will increase at the same rate.