Question 36
POST_UTME_NOUN
•
2018
•
ECONOMICS
•
objective
The concept of opportunity \cost is a fundamental principle in economics that states that the value of the next best alternative that must be given up when a choice is made is the opportunity \cost. Which of the following statements best describes the concept of opportunity \cost?
Answer Options
Correct Answer
A.
The concept of opportunity \cost states that the value of the next best alternative that must be given up when a choice is made is the opportunity \cost.
B.
The concept of opportunity \cost states that the value of the next best alternative that must be given up when a choice is made is the opportunity \cost, and that it is always equal to the \cost of the choice made.
C.
The concept of opportunity \cost states that the value of the next best alternative that must be given up when a choice is made is the opportunity \cost, and that it is always greater than the \cost of the choice made.
D.
The concept of opportunity \cost states that the value of the next best alternative that must be given up when a choice is made is the opportunity \cost, and that it is always less than the \cost of the choice made.
Correct Answer
A
Correct Option:
The concept of opportunity \cost states that the value of the next best alternative that must be given up when a choice is made is the opportunity \cost.
About This Question
This is
Post Utme Noun
2018
Economics
Question 36.
It is one of the
objective
questions from the
2018
Post Utme Noun
Economics
examination.