If Society Decides It Wants More of One Good and ________,Then

question 69

Multiple Choice

If society decides it wants more of one good and ________,then it has to give up some of another good and incur some opportunity costs.

• A)technology advances
• B)resources are underutilized
• C)all resources are fully utilized
• D)new resources are discovered

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Definitions:

Monopolistically Competitive

Pertaining to a market structure where many firms sell products that are similar but not identical, leading to competition based on price, quality, and marketing.

Average Variable Cost

Average Variable Cost is the total variable costs (costs that vary with production levels) divided by the quantity of output produced.

Profit-Maximizing

A strategy or point where a firm achieves the highest possible profit given its production costs and market conditions, often where marginal cost equals marginal revenue.

Monopolistically Competitive

A market structure where many companies sell products that are similar but not identical, allowing for slight differentiation and some pricing power.