Post Utme Delsu 2024 Economics Question 22

Practice objective / multiple choice question 22 from the 2024 Post Utme Delsu Economics examination.

Post Utme Delsu 2024 Economics Objective / Multiple Choice

Question 22 POST_UTME_DELSU • 2024 • ECONOMICS • objective

The concept of opportunity \cost is a fundamental principle in economics. Which of the following is a correct statement about opportunity \cost?

Correct Answer A. Opportunity \cost is the value of the next best alternative that is given up as a result of making a choice.

B. Opportunity \cost is the value of the next best alternative that is gained as a result of making a choice.

C. Opportunity \cost is the value of the next best alternative that is irrelevant to the choice made.

D. Opportunity \cost is the value of the next best alternative that is unknown to the decision-maker.

Correct Answer

Correct Option:

Opportunity \cost is the value of the next best alternative that is given up as a result of making a choice.

This is Post Utme Delsu 2024 Economics Question 22. It is one of the objective questions from the 2024 Post Utme Delsu Economics examination.

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support