As a society produces more and more of one good, it must give up increasing amounts of the alternative good. This demonstrates the

a. law of demand
b. convexity of the production possibilities frontier
c. law of increasing opportunity cost
d. principle of productive inefficiency
e. effects of shifts in the level of technology

C

Economics

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When a factory is operating in the short run,

a. it cannot alter variable costs. b. total cost and variable cost are usually the same. c. average fixed cost rises as output increases. d. it cannot adjust the quantity of fixed inputs.

Economics

The consumer price index was 225 in 2008 and 232.2 in 2009 . The nominal interest rate during this period was 6.5 percent. What was the real interest rate during this period?

a. 1.6 percent b. 3.3 percent c. 5.1 percent d. 7.4 percent

Economics