Question

The law of increasing opportunity costs is a result of the fact that:

a.A) the value of the dollar has declined over time.
b.B) wage rates rise as the economy reaches full employment.
c.C) consumers tend to value a good more when they don't have much of it.
d.D) resources are not equally productive in all output categories.

Answer 1

consumers tend to value a good more when they don't have much of it.