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Why do opportunity cost increase as society produces more of a good?
Because when one produces one product, the opportunity cost of the other product increases. The concave represents the increasing opportunity cost with the production of a good.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
What is an increase in opportunity cost?
an increase in oppourtunity cost is rasing of chicken and rice.
Which statement describes an opportunity cost that could result from the government regulating businesses?
Government regulations can lead to an increase in production costs.
The law of increasing costs means that when an economy increases the production of one item?
It is one of these questions: a. the opportunity cost goes up. b. the actual cost of making the item goes down. c. the actual cost goes up but the opportunity cost goes down. d. the production costs will increase also. You decide...
When does Country A have a comparative advantage over Country B in the production of televisions?
Country A has a lower opportunity cost for producing televisions.
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
Why is human resources important to the development of industry?
How the opportunity cost can be applied to the production process for the allocation of resources. How the opportunity cost can be applied to the production process for the allocation of resources.
Explain with the help of production possibility diagram the concept of opportunity cost?
Opportunity cost is the amount you might lose if you do not take the opportunity. You can write out the graph or find examples online.
Why do opportunity cost increase?
Opportunity cost increases when the options for utilizing resources become more valuable or scarce. This forces decision-makers to forgo more valuable alternatives, resulting in an increase in opportunity cost. Additionally, as the value of competing choices rises, the potential benefits that could have been gained from the next best alternative also increase, leading to a higher opportunity cost.
The opportunity cost of a decision can be examined by using?
production possibilities graph
