« previous next »

Author Question: Explain: The law of increasing additional cost is an inevitable phenomenon in economics. What ... (Read 26 times)

amal

  • Hero Member
  • *****
  • Posts: 572
on: Jun 29, 2018
Explain: The law of increasing additional cost is an inevitable phenomenon in economics.
 
  What will be an ideal response?

Question 2

Refer to the above figure. Which panel demonstrates the law of supply?
 
  A) Panel A
  B) Panel B
  C) Panel C
  D) Panel D


janeli1

  • Sr. Member
  • ****
  • Posts: 330
Reply #1 on: Jun 29, 2018
Answer to Question 1

Economic resources are seldom suitable for all types of production. Hence, when society demands more of a particular good or service, an increase in the demand for the resources most adaptable to its production will rise; as more of the good is produced, eventually less efficient inputs will be pressed into production. It is the utilization of these less efficient inputs that gives rise to higher societal cost of production.

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

This modified model of Easton’s systems theory puts government decision makers as the source of pol This modified model of Easton’s systems theory puts government decision makers as the source of pol
Risk of Stroke and Heart Disease Increase with Increasing Blood Pressure Risk of Stroke and Heart Disease Increase with Increasing Blood Pressure
Effect of Increasing the Investment Rate on the Steady State Effect of Increasing the Investment Rate on the Steady State
E9-23 Prepare income statements Explain the difference in operating income E9-23 Prepare income statements Explain the difference in operating income
You make 4 semi-annual deposits starting at $350 and increasing at a constant rate of 2.14%. ... You make 4 semi-annual deposits starting at $350 and increasing at a constant rate of 2.14%. ...
Economics question Economics question
Video: Condensation and Hydrolysis Animation

For a complete list of videos, visit our video library