Post Utme Noun 2018 Economics Question 31

Practice objective / multiple choice question 31 from the 2018 Post Utme Noun Economics examination.

Post Utme Noun 2018 Economics Objective / Multiple Choice
Question 31 POST_UTME_NOUN • 2018 • ECONOMICS • objective

The opportunity \cost of producing one more unit of a good is the value of the next best alternative that must be given up. This concept is closely related to the law of increa\sing opportunity \costs, which states that as the production of a good increases, the opportunity \cost of producing one more unit also increases. Which of the following statements best describes the law of increa\sing opportunity \costs?

Answer Options

A. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit decreases.
B. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit remains cons\tant.
Correct Answer C. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit also increases.
D. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit decreases and then increases.
Correct Answer
C
Correct Option:
The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit also increases.

About This Question

This is Post Utme Noun 2018 Economics Question 31. It is one of the objective questions from the 2018 Post Utme Noun Economics examination.

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