Post Utme Unilag 2019 Economics Question 26

Practice objective / multiple choice question 26 from the 2019 Post Utme Unilag Economics examination.

Post Utme Unilag 2019 Economics Objective / Multiple Choice
Question 26 POST_UTME_UNILAG • 2019 • ECONOMICS • objective

The concept of scarcity in economics is closely related to the idea of opportunity \cost. Explain how the opportunity \cost of a choice is determined and provide an example of how it affects a firm's decision-making process.

Answer Options

Correct Answer A. Opportunity \cost is determined by the value of the next best alternative foregone.
B. Opportunity \cost is determined by the value of the next best alternative foregone, but only in the short run.
C. Opportunity \cost is determined by the value of the next best alternative foregone, but only in the long run.
D. Opportunity \cost is determined by the value of the next best alternative foregone, regardless of the time period.
Correct Answer
A
Correct Option:
Opportunity \cost is determined by the value of the next best alternative foregone.

About This Question

This is Post Utme Unilag 2019 Economics Question 26. It is one of the objective questions from the 2019 Post Utme Unilag Economics examination.

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