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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.

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter1: The Economic Approach
Section: Chapter Questions
Problem 3CQ
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As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because 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. b. 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 C. as more of a good is produced the quality of that good declines and therefore the costs of production Increase.
Transcribed Image Text:As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because 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. b. 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 C. as more of a good is produced the quality of that good declines and therefore the costs of production Increase.
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