What is the reason for the law of increasing opportunity costs?
What will be an ideal response?
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.
Economics
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Which of the following problems does not affect small firms:
a. scarcity of appropriately-skilled workers b. consumer preference for imported products c. adapting modern technology consistent with the scale of output d. government officials' preference for larger firms e. all of the of the above are problems for small firms
Economics
Higher values of the Gini coefficient are associated with
A. less labor mobility. B. greater income inequality. C. greater labor mobility. D. greater education inequality. E. less income inequality.
Economics