As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because O a. resources are not equally well suited to producing all goods and as more of a good is produced it is necessary to use resources less well suited to the production of that good. Ob. as more of a good is produced the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced. O d. as more of a good is produced the quality of that good declines and therefore the costs of production increase.
As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because O a. resources are not equally well suited to producing all goods and as more of a good is produced it is necessary to use resources less well suited to the production of that good. Ob. as more of a good is produced the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced. O d. as more of a good is produced the quality of that good declines and therefore the costs of production increase.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Answer quickly
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education