As Macroeconomic Output Expands,the Cost of Additional Output Increases

question 85

True/False

As macroeconomic output expands,the cost of additional output increases.

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Definitions:

Standard of Living

A measure of wealth, comfort, material goods, and necessities available to people in a certain socioeconomic class or geographic area.

Economic Resources

The inputs used to produce goods and services, including natural resources, labor, and capital.

Consumption

The use of goods and services by households, constituting one of the primary components of GDP.

Price Mechanism

The manner in which the prices of goods or services affect the supply and demand of goods and services.