Post Utme Joseph Ayo Babalola University 2020 Economics Question 34

Practice objective / multiple choice question 34 from the 2020 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2020 Economics Objective / Multiple Choice
Question 34 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2020 • ECONOMICS • objective

The concept of opportunity \cost in economics implies that the \cost of choo\sing one option is the value of the next best alternative that is given up. Which of the following statements best describes the concept of opportunity \cost?

Answer Options

Correct Answer A. The \cost of choo\sing one option is the value of the next best alternative that is given up.
B. The \cost of choo\sing one option is the value of the next worst alternative that is given up.
C. The \cost of choo\sing one option is the value of the next best alternative that is chosen.
D. The \cost of choo\sing one option is the value of the next worst alternative that is chosen.
Correct Answer
A
Correct Option:
The \cost of choo\sing one option is the value of the next best alternative that is given up.

About This Question

This is Post Utme Joseph Ayo Babalola University 2020 Economics Question 34. It is one of the objective questions from the 2020 Post Utme Joseph Ayo Babalola University Economics examination.

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