As an economy increasingly specializes in producing one good, the opportunity cost of that good increases. The opportunity cost increases because
A) not all goods are equally valuable.
B) as more of a good is produced, the profit from its production must rise.
C) resources are not equally productive in all activities.
D) what must be paid to resources increases.
E) human wants are virtually unlimited.
C
Economics
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The figure above shows the market for college education in the United States. If the government does not intervene in this market, the deadweight loss equals ________ per year
A) $28 billion B) $14 billion C) $280 billion D) $224 billion E) $7 billion
Economics
What can one learn from Figure 13-3 from the text, shown below?
What will be an ideal response?
Economics