Which of the following statements is an explanation for the law of increasing opportunity costs?   Multiple Choice  O. Resources are scarce. O. Resources are not equally efficient in producing every good. O.Wants are virtually unlimited. O. The originator had the idea and modern economists follow this convention

Q: 1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race…

A: Scarcity is one of the most essential concepts in economics.It means that the demand for a product…

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A: It can be defined as a minimum cost which is possible to achieve a particular pre-determined…

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A: Production possibility frontier (PPF) refers to the all possible combination of two goods that a…

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A: The issue includes recognizing the term that portrays the monetary rule where people mean to augment…

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Q: Opportunity costs exists only for durable goods? Explain if it’s correct or not.

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Q: Define the concept of scarcity. Explain the significance of this concept in relation to the concept…

A: Scarcity: The scarcity occurs where demand tends to be larger than available resources. Thus,…

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A: Given,  The release of a new video game Target stores temporarily are sold out of the video games.

Q: Explain your take on the statement i.e. “If resources were unlimited and freely available,…

A: Economics, the science of choice as studied by Lionel Robinson, economics is the science which…

Q: How does the slope of a budget line illustrate opportunity costs and trade-offs? How does a budget…

A: Let us suppose an economy produces only two goods -  X and  Y. Opportunity cost, in simple economic…

Q: Define the concept of scarcity. Explain the significance of this concept in relation to the concept…

A: The scarcity occurs where demand tends to be larger than available resources. Thus, resources are…

Q: Economics Select one: O a. is concerned with unlimited wan O b. is a social science. O c. is…

A: Economics is classified as the social science which merely seeks to understand or analyze the…

Q: This curve demonstrates the Law of Increasing Opportunity Cost because (select all that apply) The…

A: PPC curve shows the combinations of two goods which produces the goods at given resources.

Q: Situation in whic UDI U 1O jun oue aun O a. Scarcity Ob. Production Possibility Frontier OC.…

A: Item available indicates the supply of a good while item people want is the demand for the good.

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Q: 4) The fact that wants cannot be fully satisfied with available resources reflects the definition of…

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Q: What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of…

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Q: Explain what is meant by opportunity cost of choice

A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…