Multiple Choice
What is the reason for the law of increasing opportunity costs?
A) There is no reason: it is just one of the laws of economics.
B) Resources have varying abilities and those with lower opportunity costs of producing a good will be used to produce it before resources with higher opportunity costs produce it.
C) The price of a good rises as more of it is demanded.
D) As more of a good is produced,the taxes applied to the production of the good rise.
E) c and d
Correct Answer:

Verified
Correct Answer:
Verified
Q74: With a constant opportunity cost between goods
Q75: Currently an economy is producing at a
Q76: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit
Q77: With respect to a PPF for goods
Q78: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit
Q80: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit
Q81: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit
Q82: Opportunity cost is illustrated by a movement
Q83: The economy moves from point A,where it
Q84: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit