Question

According to the law of increasing opportunity cost, as a society produces more and moreof a certain good, further production increases involve ever-greater opportunity costs, so that producing the good is associated with greater and greater trade-offs.
true/false

Answer 1

Answer:

The statement is: True.

Explanation:

The increasing opportunity cost law states that as long as the production of a good or service increases, the opportunity cost of producing that next good or service will increase as well. For this scenario to take the factors of production -land, labor, and capital- must be at their maximum efficiency.