WHICH STATEMENT IS AN ECONOMIC RATIONALE FOR THE LAW OF INCREASING...

103.Which statement is an economic rationale for the law of increasing opportunity cost?The economy is employing all of its available resources.→ Many economic resources are better at producing one product than another.In any economy, the state of technology is changing and resources are variable.The economy is achieving productive efficiency by producing goods and services at the least cost. AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-05 Apply production possibilities analysis; increasing opportunity costs; and economic growth.Topic: Production possibilities modelMultiple Choice Question