Which of the following statements is an explanation for the law of increasing opportunity costs?
A) Many economic resources are better at producing one product rather than another.
B) The economy is employing all of its available resources.
C) In any economy, the state of technology is changing and resources are variable.
D) The economy is achieving productive efficiency by producing goods at the least cost.

Question

Quizplus · Accepted Answer

The law of increasing opportunity costs states that as production of one good increases, the opportunity cost of producing an additional unit rises because resources are not equally efficient in producing all goods.

Which of the Following Statements Is an Explanation for the Law