Post Utme Joseph Ayo Babalola University 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2017 Economics Objective / Multiple Choice
Question 31 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2017 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the law of increa\sing \costs. Explain how the law of increa\sing \costs affects the opportunity \cost of production.

Answer Options

A. The law of increa\sing \costs leads to a decrease in the opportunity \cost of production.
Correct Answer B. The law of increa\sing \costs leads to an increase in the opportunity \cost of production.
C. The law of increa\sing \costs has no effect on the opportunity \cost of production.
D. The law of increa\sing \costs leads to a decrease in the opportunity \cost of production, but only in the short run.
Correct Answer
B
Correct Option:
The law of increa\sing \costs leads to an increase in the opportunity \cost of production.

About This Question

This is Post Utme Joseph Ayo Babalola University 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Joseph Ayo Babalola University Economics examination.

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