If the Law of Increasing Opportunity Costs Is Operable,and Currently

question 24

Multiple Choice

If the law of increasing opportunity costs is operable,and currently the opportunity cost of producing the 101st unit of good X is 5Y,then the opportunity cost of producing the 201st unit of good is X is

• A) less than 5Y.
• B) greater than 1/5Y but less than 5Y.
• C) greater than 5Y.
• D) less than 1/5Y but more than zero.

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Definitions:

Beaver Abundance

A measure or estimate of the number of beaver individuals or populations in a specified area.

Error Sum Of Squares

A measure in statistics that quantifies the discrepancy between the observed data and the values predicted by a model.

Extra Help Sessions

Organized meetings or classes designed to provide additional instruction or tutoring to students needing assistance beyond regular class time.

Least-Squares Line

A line generated in regression analysis that minimizes the sum of the squares of the differences between the observed and predicted values.