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...
what law of increasing costs means that when an economy increases the production of one item _____.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
Education directly affects the level of human capital (skill and knowledge we acquire), which is an input in economic production. Human capital increases economic growth by decreasing the costs of production and therefore increasing cost efficiency.
Rising production costs.
Complying with consumer protection regulations increases production costs and raises prices.
what law of increasing costs means that when an economy increases the production of one item _____.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
Education directly affects the level of human capital (skill and knowledge we acquire), which is an input in economic production. Human capital increases economic growth by decreasing the costs of production and therefore increasing cost efficiency.
Rising production costs.
the law of increasing costs
the law of increasing costs
Car insurance is increasing at a rate of 1.4% as of 2009.
Complying with consumer protection regulations increases production costs and raises prices.
The rising costs of gasoline has adversely affected the economy by increasing costs for businesses and the end user. The only people profiting are the gasoline companies.
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. (Some resources are specialized to only effeciently produce one product so using those specialized resources on a different product is inefficient)
decrease