According to the law of increasing opportunity costs,

Question

Quizplus · Accepted Answer

The law of increasing opportunity costs states that in order to produce additional units of a particular good, society must sacrifice increasingly larger amounts of alternative goods. This is because as production of a good increases, resources that are best suited for producing that good are utilized first. However, as more and more of that good is produced, resources that are less efficient in producing that good must be utilized, resulting in a higher opportunity cost. Therefore, the more of a good that is produced, the greater the opportunity cost of producing even more of it. Option A is incorrect because it is a general statement that does not accurately reflect the law of increasing opportunity costs. Option B is incorrect because it implies that increasing production will not increase opportunity cost, which is false. Option D is incorrect because the law of increasing opportunity costs is a valid economic principle.

According to the Law of Increasing Opportunity Costs