Increasing Opportunity Cost Is Due to

question 301

Multiple Choice

Increasing opportunity cost is due to

• A) ever increasing taxes.
• B) the fact that resources are not equally suited for different types of production.
• C) the fact that it is more difficult to use resources efficiently the more society produces.
• D) firms' needs to earn more and more profits.

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Definitions:

DOI

Stands for "Diffusion of Innovation," which is a theory that seeks to explain how, why, and at what rate new ideas and technology spread through cultures.

Accounts Receivable

Money owed to a business by its customers for goods or services that have been delivered but not yet paid for.

Inventory

The raw materials, work-in-process, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Accounts Payable

Money owed by a company to its creditors for goods and services that have been received but not yet paid for.