As we increase production of X,we must give up production of larger and larger amounts of Y to produce each additional unit of X.Select the best statement.

Question

Quizplus · Accepted Answer

This statement describes the concept of increasing opportunity cost, which means that as a society produces more of one good, the opportunity cost of producing that good increases in terms of foregone production of other goods. In this case, the opportunity cost of producing additional units of X is giving up larger and larger amounts of Y.

As We Increase Production of X,we Must Give Up Production