The opportunity cost principle states that it is ordinarily possible to increase the
production of one product without sacrifice of anything else as long as resources
and technology are fixed.

Question

The opportunity cost principle states that it is ordinarily possible to increase the
 production of one product without sacrifice of anything else as long as resources
 and technology are fixed.

Quizplus · Accepted Answer

The opportunity cost principle actually states that to produce more of one good, a society must sacrifice the production of another good, assuming resources and technology are fixed. This principle highlights the trade-offs inherent in resource allocation decisions.

The Opportunity Cost Principle States That It Is Ordinarily Possible