8. opportunity cost _____ h. producing a good at a lower opportunity cost than another producer 9. law of increasing costs _____ i. physical and intellectual effort by people in the production process 10. innovation _____ j. the quantity of goods that must be given up to obtain a good 11. underemployed resources _____ k. According to the law of increasing opportunity costs: A) Greater production leads to greater inefficiency. A: According to the law of increasing opportunity cost, as a society produces more and more of a certain good, further production increases involve ever-greater opportunity costs, so that producing the good is associated with greater and greater trade-offs. Lesson 5: The law of increasing opportunity cost: As you increase the production of one good, the opportunity cost to produce the additional good will increase. This law states that any time society decides to move along its … increases in wages cause increases in the costs of 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. He has over twenty years experience as Head of Economics at leading schools. Geoff Riley FRSA has been teaching Economics for over thirty years. the sum of the costs of producing a particular good cannot rise above the current market price of that good. Essentially, this law states that, as additional units of a good are manufactured, the opportunity cost associated with that production will also increase. d. e. Contradicts the law of scarcity a. States that as more of a good is produced, its opportunity cost increases c. Implies that the more resources the economy uses, the greater their cost Implies that the more of good X that is produced, the more costly are the resources. This increase raises Maureen's opportunity cost of attending college. Y: The trade-offs take the form of other goods produced in lesser quantity in order to produce more of the one good. Answer: B Type: Definition Page: 7 33. (Some resources are specialized to only efficiently produce one product so using those specialized resources on a different product is inefficient) The law of increasing opportunity costs explains: A) How everything becomes more expensive as the economy grows. The law of increasing opportunity cost a. Question 7 1 / 1 point The law of increasing opportunity costs states that: Question options: if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of another good to do so. b.) 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. D) All of the above. Maureen's college raises the cost of room and board per semester. 21. The law of increasing opportunity costs says that: a.) C) Inflation. The reason that this curve is bow-shaped is a direct result of the law of increasing opportunity cost. B) The shape of the production-possibilities curve. 1. costs of production increases and then decreases. c.) along a production possibilities curve, increases in the production of one good … The law of increasing opportunity costs is a result of the fact that: resources are not equally produced in all output categories The fact that a society's production possibilities curve is bowed out from the origin of a graph demonstrates the law of: The law of increasing opportunity cost is a concept that is often employed in business and economic circles. First, remember that opportunity cost is the value of the next-best alternative when a decision is made; it's what is given up.