Asked by
Ethan Searcy
on Nov 05, 2024Verified
If an economy is fully utilizing its resources, it can produce more of one product only if it
A) doubles manufacturing of the product.
B) produces less of another product.
C) adds more people to the labor force.
D) reduces the price of the most expensive products.
Fully Utilizing
Making the most efficient use of resources, assets, or capacities to achieve their maximum potential output or productivity, often in the context of manufacturing processes or economic production.
Labor Force
The total number of people who are available to work, including both the employed and those seeking employment.
- Acquire knowledge on the subject of opportunity cost as it relates to the allocation of scarce resources and making investment choices.
Verified Answer
KM
Learning Objectives
- Acquire knowledge on the subject of opportunity cost as it relates to the allocation of scarce resources and making investment choices.