Increasing marginal opportunity cost implies
A) that the more resources already devoted to any activity, the payoff from allocating yet more resources to that activity increases by progressively smaller amounts.
B) that the more resources already devoted to any activity, the benefits from allocating yet more resources to that activity decreases by progressively larger amounts.
C) that rising opportunity costs makes it inefficient to produce beyond a certain quantity.
D) the law of scarcity.
Correct Answer:
Verified
Q23: The slope of a production possibilities frontier
Q27: Increasing opportunity cost along a bowed-out production
Q31: _ a nation's production possibilities frontier represents
Q33: A production possibilities frontier with a _
Q40: If opportunity costs are _,the production possibilities
Q60: The recession of 2007-2009 would most likely
Q124: Table 2-4
Production Choices for Dina's Diner
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents