The law of increasing opportunity cost explains how opportunity costs rise as an economy produces more of a particular good due to varying resource advantages.
The law of increasing opportunity cost states that as an economy produces more of one good, the opportunity cost of producing additional units of that good increases. This is due to resources having varying comparative advantages in different industries.
For example, as a company like Alpine Sports produces more snowboards, the opportunity cost of producing additional snowboards increases because resources that could be used elsewhere are being allocated to snowboard production.
Increasing opportunity cost is a fundamental concept in economics that highlights the impact of resource allocation on production decisions.
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