law of increasing opportunity cost template

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our certified educators are real professors, teachers, and scholars who use their academic expertise to tackle your toughest questions. the law of increasing opportunity costs says that, as we produce more of a particular good, the opportunity cost of producing that good increases. let us imagine an example where i am a farmer and i grow wheat and chickpeas on my land. right now, i have wheat planted on the land that is best for wheat and chickpeas on all the rest of the land. at this point, the opportunity cost of raising the wheat is very low because the land i am using would not grow many chickpeas.

as i start to grow more wheat, i will need to use some of the land that is equally good for growing both crops. i start to use the land that is really good for chickpeas and not good at all for wheat. this is an example of the law of increasing opportunity costs. because not all resources are equally useful for producing all things, we tend to encounter rising opportunity costs as we increase production of a particular good. start your 48-hour free trial and unlock all the summaries, q&a, and analyses you need to get better grades now.

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