The Law of Increasing Opportunity Cost Is Based on the Idea

question 81

Multiple Choice

The law of increasing opportunity cost is based on the idea that

• A) wages tend to increase with the level of employment
• B) interest rates tend to rise with increasing inflation
• C) labor costs for a typical firm are a large and growing proportion of total cost
• D) most resources are better suited to producing some goods than others
• E) the less of something we produce,the greater is the opportunity cost of producing still more

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Definitions:

Isotopes

Variants of a particular chemical element that have the same number of protons in their nuclei but different numbers of neutrons, resulting in different atomic masses.

Protons

Positively charged subatomic particles found within the nucleus of an atom, contributing to the atom's overall positive charge and mass.

Hydrogen Bonding

A type of weak chemical bond formed when a hydrogen atom that is bonded to a highly electronegative atom like oxygen or nitrogen experiences attraction to another electronegative atom.

Molecules

Groups of two or more atoms held together by chemical bonds, constituting the smallest identifiable unit of a compound that retains its composition and chemical properties.