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. as more of a good is produced the quality of that good declines and therefore the costs of production increase. O b. 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. O c. as more of a good is produced the inputs used to produce that good will increase in price. O d. consumers would be willing to pay higher prices for the good as more of the good is produced.
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. as more of a good is produced the quality of that good declines and therefore the costs of production increase. O b. 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. O c. as more of a good is produced the inputs used to produce that good will increase in price. O d. consumers would be willing to pay higher prices for the good as more of the good is produced.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
Problem 3CQQ
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