Flashcards - MTLE Business: Microeconomics & Macroeconomics

Flashcards - MTLE Business: Microeconomics & Macroeconomics
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law of increasing opportunity costs
In economics, the law of increasing costs is a principle that states that once all factors of production are at maximum output and efficiency, producing more will cost more than average
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law of increasing opportunity costs
In economics, the law of increasing costs is a principle that states that once all factors of production are at maximum output and efficiency, producing more will cost more than average
consumer
A consumer is a person or organization that uses economic services or commodities

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