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
B
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Which of the following is a true statement about the length of recessions and expansions in the United States economy?
A) After 1950, the length of expansions were much less than the length of recessions. B) After 1950, the length of expansions were brief and almost nonexistent. C) After 1950, the length of expansions were much longer than the length of recessions. D) After 1950, the length of expansions equaled the length of recessions.
Those who believe that monopolies are both inevitable and undesirable would probably support price regulation
Indicate whether the statement is true or false