The situation which is explained by the increasing
Explanation of Solution
According to the law of increasing opportunity cost, the opportunity cost of producing an additional good will rise as the output of one good increases.
Time spent by busy people has a significant opportunity cost. Because the time they spend shopping would cost them a higher price, people choose to buy things from convenience stores to save time. As a result, the convenience store, which serves busy individuals, is an example of rising opportunity cost.
Thus, option “d” is correct.
Opportunity cost is the next best alternative option that a person chooses. It is the result of choosing one best option while forgoing the next best alternative option.
Chapter 1R Solutions
Krugman's Economics For The Ap® Course
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