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Which of the following economic concepts does Bastiat's lesson of the seen and unseen illustrate? Group of answer choices 1

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Which of the following economic concepts does Bastiat's lesson of the seen and unseen illustrate?

Group of answer choices

1. The law of diminishing returns: if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.

2. The law of demand: as the price of a product increases, other things being equal, the quantity of it demanded will fall.

3. The law of increasing opportunity costs: as you incrementally allocate more resources to producing one thing, the opportunity cost (or the value of other things you could have produced instead) increases.

4. Newton's law of universal gravitation: two bodies in the Universe attract each other with a force that is directly proportional to the product of their masses and inversely proportional to the square of the distance between them.