If the law of increasing opportunity costs is operable, and currently the opportunity cost of producing the 1,000th unit of good X is 0.5Y, then the opportunity cost of producing the 2,001st unit of good is X is most likely to be
A) less than 0.5Y.
B) more than 0.5Y but less than 2Y.
C) more than 0.5Y
D) less than 0.5Y but more than zero.
E) none of the above
C
Economics
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In 2003, the top 20 percent, or wealthiest fifth, of U.S. households earned _____.
(A) About the same as the bottom four fifths combined. (B) Less than the bottom four fifths combined. (C) More than the bottom four fifths combined. (D) Less than the bottom three fifths combined.
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Tariffs and quotas create a loss in social welfare because
A) producer surplus declines. B) revenues from tariffs are misspent. C) consumer surplus declines. D) All of the above.
Economics