A technological advance in the production of the first good increases the opportunity cost of the first good in terms of the second good.

Name: A technological advance in the production of the first good increases the opportunity cost of the first good in terms of the second good.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A technological advance in the production of the first good means that it can be produced with fewer resources. This means that the opportunity cost of the first good in terms of the second good is lower, not higher.

A Technological Advance in the Production of the First Good