Post Utme Ims U 2023 Economics Question 24

Practice objective / multiple choice question 24 from the 2023 Post Utme Ims U Economics examination.

Post Utme Ims U 2023 Economics Objective / Multiple Choice
Question 24 POST_UTME_IMS_U • 2023 • ECONOMICS • objective

The concept of opportunity \cost is a fundamental principle in economics that refers to the value of the next best alternative that is given up when a choice is made. Which of the following best describes the concept of opportunity \cost?

Answer Options

Correct Answer A. The value of the next best alternative that is given up when a choice is made.
B. The value of the alternative that is chosen.
C. The value of the alternative that is not chosen.
D. The value of the alternative that is given up.
Correct Answer
A
Correct Option:
The value of the next best alternative that is given up when a choice is made.

About This Question

This is Post Utme Ims U 2023 Economics Question 24. It is one of the objective questions from the 2023 Post Utme Ims U Economics examination.

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