Post Utme Abu 2022 Economics Question 14

Practice objective / multiple choice question 14 from the 2022 Post Utme Abu Economics examination.

Post Utme Abu 2022 Economics Objective / Multiple Choice
Question 14 POST_UTME_ABU • 2022 • ECONOMICS • objective

The concept of returns to scale in economics implies that as the scale of production increases, the marginal product of labor also increases. What is the opportunity \cost of increa\sing the scale of production?

Answer Options

A. The opportunity \cost is the value of the resources that could have been used for other purposes.
B. The opportunity \cost is the value of the labor that could have been used for other tasks.
Correct Answer C. The opportunity \cost is the value of the goods that could have been produced with the same resources.
D. The opportunity \cost is the value of the land that could have been used for other crops.
Correct Answer
C
Correct Option:
The opportunity \cost is the value of the goods that could have been produced with the same resources.

About This Question

This is Post Utme Abu 2022 Economics Question 14. It is one of the objective questions from the 2022 Post Utme Abu Economics examination.

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