Post Utme Greenfield University 2025 Economics Question 8

Practice objective / multiple choice question 8 from the 2025 Post Utme Greenfield University Economics examination.

Post Utme Greenfield University 2025 Economics Objective / Multiple Choice
Question 8 POST_UTME_GREENFIELD_UNIVERSITY • 2025 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the concept of scarcity. Which of the following statements accurately describes the relationship between these two concepts?

Answer Options

Correct Answer A. Opportunity \cost is the \cost of producing one good or service instead of another.
B. Opportunity \cost is the benefit of producing one good or service instead of another.
C. Opportunity \cost is the \cost of not producing one good or service.
D. Opportunity \cost is the benefit of not producing one good or service.
Correct Answer
A
Correct Option:
Opportunity \cost is the \cost of producing one good or service instead of another.

About This Question

This is Post Utme Greenfield University 2025 Economics Question 8. It is one of the objective questions from the 2025 Post Utme Greenfield University Economics examination.

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