Which of the Following Statements Describes the Law of Increasing

question 121

Multiple Choice

Which of the following statements describes the law of increasing costs?

• A)As the economy's production level of any particular item decreases,its opportunity cost rises.
• B)As the economy's production level of any particular item increases,its opportunity cost rises.
• C)The prices of consumer goods always rise and never fall.
• D)If someone waits to make a purchase,she will pay a higher price.
• E)The total cost of production rises as output goes up.

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Definitions:

Price-taker Market

A market situation where individual sellers or buyers have no control over the price of a product, typically seen in perfectly competitive markets.

Long-run Equilibrium

This is a condition where all factors of production and outputs in an economy or market are optimized and can vary to reach a state of general equilibrium.

Price-taker Industry

An industry in which individual firms have no control over the price of their product and must accept the market price set by the forces of supply and demand.