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What is the law of increasing opportunity cost?

Posted on April 15, 2014 at 10:00 AM

The law of increasing opportunity cost applies to a production possibilities curve that bowed outward from the origin. For an economy to produce more of one good, it must sacrifice increasing quantities of the other good.

If opportunity costs were constant, then the PPC would be straight line.

AP Macroeconomics / AP Microeconomics Unit 1 Basic Economic Concepts

Categories: AP Macroeconomics, Macro Unit 1 Basic Economic Concepts, Micro Unit 1 Basic Economic Concepts

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