Post Utme Uniben 2019 Economics Question 34

Practice objective / multiple choice question 34 from the 2019 Post Utme Uniben Economics examination.

Post Utme Uniben 2019 Economics Objective / Multiple Choice
Question 34 POST_UTME_UNIBEN • 2019 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the concept of scarcity. Which of the following is a correct statement about opportunity \cost?

Answer Options

A. Opportunity \cost is the value of the next best alternative.
B. Opportunity \cost is the value of the next worst alternative.
Correct Answer C. Opportunity \cost is the value of the next best alternative that is given up.
D. Opportunity \cost is the value of the next worst alternative that is given up.
Correct Answer
C
Correct Option:
Opportunity \cost is the value of the next best alternative that is given up.

About This Question

This is Post Utme Uniben 2019 Economics Question 34. It is one of the objective questions from the 2019 Post Utme Uniben Economics examination.

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