Which of the Following Statements Is an Explanation for the Law

question 199

Multiple Choice

Which of the following statements is an explanation for the law of increasing opportunity costs?

• A) Many economic resources are better at producing one product rather than another.
• B) The economy is employing all of its available resources.
• C) In any economy, the state of technology is changing and resources are variable.
• D) The economy is achieving productive efficiency by producing goods at the least cost.

---

Definitions:

Agency Relationship

A legal arrangement where one party (the agent) is authorized to act on behalf of another (the principal) in business or legal matters.

Represents

To act on behalf of someone or something, often in a legal or official capacity.

Independent Contractor

An individual who provides services to another entity under a contract for services, retaining control over how the services are performed.

Specific Undertaking

A precise commitment or obligation that a party agrees to carry out.