The Law of Increasing Costs Indicates That the Opportunity Cost

question 41

Multiple Choice

The law of increasing costs indicates that the opportunity cost of producing a good:

• A) is proportional to the production of the good.
• B) is constant to the production of the good.
• C) increases as more of the good is produced.
• D) decreases as more of the good is produced.
• E) increases as less of the good is produced.

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Definitions:

Instrumental Values

Values that influence the means to achieving an end, such as ambition and efficiency, guiding how we achieve our goals.

SMART Goals

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound, providing clear direction and facilitating goal attainment.

Time Frame

A specified period in which something occurs or is planned to take place.

Terminal Values

End goals or objectives that individuals or organizations aim to achieve, reflecting their core beliefs and ideals.