Post Utme Lead City University 2018 Economics Question 11

Practice objective / multiple choice question 11 from the 2018 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2018 Economics Objective / Multiple Choice
Question 11 POST_UTME_LEAD_CITY_UNIVERSITY • 2018 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good or service is limited by the availability of resources, which can be used to produce other goods or services. This is often referred to as the law of opportunity \cost. Which of the following is an example of opportunity \cost?

Answer Options

A. The \cost of producing a good or service
B. The benefit of producing a good or service
Correct Answer C. The opportunity to produce another good or service
D. The \cost of not producing a good or service
Correct Answer
C
Correct Option:
The opportunity to produce another good or service

About This Question

This is Post Utme Lead City University 2018 Economics Question 11. It is one of the objective questions from the 2018 Post Utme Lead City University Economics examination.

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