Which Principle States That as the Production of One Good

question 103

Multiple Choice

Which principle states that as the production of one good expands, the opportunity cost of producing another unit of this good generally increases?

• A)Principle of total cost
• B)Principle of increasing cost
• C)Principle of opportunity cost
• D)Principle of increasing marginal utility

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Definitions:

Small Firms

Businesses characterized by a limited number of employees, revenue, or assets, often identified by their flexible operations and personalized customer interactions.

Competitive Today

The state of being able to maintain an edge over rivals in the current market through strategies, practices, and innovations.

Product/Service Quality

The degree to which a product or service meets or exceeds customer expectations in terms of performance, reliability, and satisfaction.

Entrepreneurs

Individuals who initiate, manage, and assume the risks of a business venture in order to bring new products, services, or ideas to the market.