Since Producers Must Be Compensated for the Rising Opportunity Cost

question 79

Multiple Choice

Since producers must be compensated for the rising opportunity cost that accompanies increases in output,

• A) the law of demand applies to most markets
• B) supply curves usually slope downward
• C) demand curves usually slope downward
• D) supply curves usually slope upward
• E) technical inefficiency would not exist in the long run

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Definitions:

Independent Events

Two or more events where the occurrence of one event does not affect the probability of the others.

Different Times

Various points or periods in time, indicating a range of temporal instances or durations.

Marginal Utility

The heightened utility one obtains from the consumption of an extra unit of a particular good or service.

Income

Income earned, particularly when it's consistent, from work or investment returns.