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Larger sacrifice of an alternative good caused by an increasingly greater production of another good in a firm or economy, where resources are already being fully and efficiently used
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Law of decreasing opportunity cost?
Opportunity cost does not decrease, it increases, according to the law of increasing opportunity costs. This law states that the more of a product you produce the less efficient production of it will be and the more opportunity cost they will incur.
How does the law of variable proportion affect the cost curve?
As we know law of variable proportion means as we increase the quantity of one input keeping other input fix... the Total physical product increase @ increasing rate than increase at decreasing rate than at decreasing rate.... and cost curve is totally dependent upon total variable cost curve.... so if the output is increasing this is due to increase in variable factors( labors) and if labors increase the cost will be obviously more as the labor increase....+
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the?
decrease in the quantity of the other good that must be given up.
What is the Latin word for 'opportunity'?
The Latin word for "opportunity" is "occasionem."
What does the law of increasing cost explain?
The law of increasing cost explains that as production increases, the opportunity cost of producing additional units of a good also increases. This is because resources are not equally efficient in producing all goods, and as more of one good is produced, resources are shifted from their most efficient use to less efficient uses.
What is an increase in opportunity cost?
an increase in oppourtunity cost is rasing of chicken and rice.
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
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.
Does increasing opportunity cost occur when resources are being used at their peak efficiency when does opportunity cost increase?
it is a sacrifice that one has to make between the alterntive he or she chooses to the next best alterntive
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
The opportunity cost of each additional tank in terms of autos.......?
Increase as more tanks are produced.
Why does opportunity cost increase as choices are made?
Opportunity cost increases as choices are made because each decision involves giving up the next best alternative. As more choices are made, the options that are foregone become more valuable, leading to a higher opportunity cost.
Why does the opportunity cost of doing homework increase as you spend more time doing it?
Opportunity cost of doing homework increases as you spend more time doing it because of the time you are allocating for it. You can be accomplishing something else.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
Which statement describes an opportunity cost that could result from the government regulating businesses?
Government regulations can lead to an increase in production costs.
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
