The law of increasing opportunity costs states that-08872
The law of increasing opportunity costs states that:
This multiple choice question (MCQ) is related to the book/course
vu eco401 Economics.
It can also be found in
vu eco401 Final Term - Quiz No.12.
The law of increasing opportunity costs states that:
The more one is willing to pay for resources, the larger will be the possible level of production.
Increasing the production of a particular good will cause the price of the good to rise.
In order to produce additional units of a particular good, it is necessary for society to sacrifice increasingly larger amounts of alternative goods .
Only by keeping production constant can rising prices be avoided.
