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According to the law of increasing costs

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According to the law of increasing costs

According to the law of increasing costs
A) if a society desires more of some particular product, it must sacrifice larger and larger amounts of other products.
B) society can obtain additional units of a given product by sacrificing smaller and smaller amounts of other products.
C) whenever output increases by a given percentage, production costs will increase at twice that rate.
D) whenever input prices increase by a given percentage, production costs will increase at twice that rate.
E) inflation accelerates as economies mature.

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Introduction to Economic Reasoning

Edition: 8^th

Author: Rohlf

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