If society decides it wants more of one good and ________,then it has to give up some of another good and incur some opportunity costs.
A)technology advances
B)resources are underutilized
C)all resources are fully utilized
D)new resources are discovered

Question

Quizplus · Accepted Answer

When all resources are fully utilized, society has to make trade-offs and incur opportunity costs in order to produce more of one good. This is because resources are limited, and producing more of one good necessarily means producing less of another good. Choosing to produce more of a certain good also means giving up the opportunity to use those resources to produce other goods or services. Therefore, society has to weigh the costs and benefits of producing more of one good versus another.

If Society Decides It Wants More of One Good and ________,Then