Chapter 2: Model Building and Gains from Trade Page 36 2.2. What is a production

Question

Chapter 2: Model Building and Gains from Trade Page 36 2.2. What is a production possibilti Fill in the blanks to complete the sentence about the law of increasing opportunity cost. Drag word(s) below to fill in the blank(s) in the passage. According to the law of increasing opportunity cost, as a societyimore and more of a certain good, further production involve ever-greater opportunity costs, so that producing the good is associated with greater and greater efficiency methods trade-offs producesincreases consumes

Explanation / Answer

Blank 1: Produces more and more of a certain good.

Blank 2: Increases.

Blank 3: Trade offs

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