Author Question: The law of increasing costs holds that the opportunity cost: a. of a good decreases as the quantity ... (Read 54 times)

SAVANNAHHOOPER23 · **on:** Jun 30, 2018

The law of increasing costs holds that the opportunity cost:
a. of a good decreases as the quantity of the good produced increases.
b. of a good is proportional to the resources used in its production.
c. of a good increases as more of the good is produced.
d. of a good does not change with the resources used its production.
e. changes as more of the good is produced.

Question 2

Efficient production means producing:
a. less than feasible output for a given amount of resources.
b. more than feasible output for a given amount of resources.
c. the maximum feasible output for a given amount of resources.
d. no more than what is needed.
e. in excess of what is needed.