Assuming That Resources Are Specialized, the Opportunity Cost of an Item

question 194

Multiple Choice

Assuming that resources are specialized, the opportunity cost of an item increases as production of it rises.Therefore, we expect that firms will produce more if

• A)the price increases.
• B)the price decreases.
• C)the opportunity cost is greater than the price.
• D)government asks firms to produce more.
• E)the income of buyers increases.

Comprehend the fundamentals of equity and fairness in economics.

Differentiate between various types of economic relationships as demonstrated through slopes and curves.

Grasp the basic principles of cost production and consumption relationships in economics.

Understand the concept and calculation of the slope in economic models.

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