Post Utme Caleb University 2022 Commerce Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Caleb University Commerce examination.

Post Utme Caleb University 2022 Commerce Objective / Multiple Choice

Question 21 POST_UTME_CALEB_UNIVERSITY • 2022 • COMMERCE • objective

The concept of 'opportunity cost' in economics refers to the value of the next best alternative foregone as a result of making a choice. Which of the following is an example of opportunity cost?

Answer Options

A. The cost of producing a good

B. The cost of not producing a good

Correct Answer C. The value of the next best alternative foregone

D. The cost of a substitute good

Correct Answer

Correct Option:

The value of the next best alternative foregone

About This Question

This is Post Utme Caleb University 2022 Commerce Question 21. It is one of the objective questions from the 2022 Post Utme Caleb University Commerce examination.

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