Post Utme Redeemers University 2024 Economics Question 16

Practice objective / multiple choice question 16 from the 2024 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2024 Economics Objective / Multiple Choice
Question 16 POST_UTME_REDEEMERS_UNIVERSITY • 2024 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be allocated to other goods. This is an example of a trade-off between two goods. What is the opportunity \cost of producing more of one good?

Answer Options

Correct Answer A. The value of the next best alternative good
B. The quantity of the next best alternative good
C. The price of the next best alternative good
D. The demand for the next best alternative good
Correct Answer
A
Correct Option:
The value of the next best alternative good

About This Question

This is Post Utme Redeemers University 2024 Economics Question 16. It is one of the objective questions from the 2024 Post Utme Redeemers University Economics examination.

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