Post Utme Uniport 2023 Commerce Question 31

Practice objective / multiple choice question 31 from the 2023 Post Utme Uniport Commerce examination.

Post Utme Uniport 2023 Commerce Objective / Multiple Choice
Question 31 POST_UTME_UNIPORT • 2023 • COMMERCE • objective

In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing opportunity costs. What is the opportunity cost of producing one more unit of a good in this market?

Answer Options

A. The opportunity cost is the price of the good.
B. The opportunity cost is the price of the good plus the cost of production.
C. The opportunity cost is the price of the good minus the cost of production.
Correct Answer D. The opportunity cost is the price of the good plus the cost of production plus the opportunity cost of the next best alternative.
Correct Answer
D
Correct Option:
The opportunity cost is the price of the good plus the cost of production plus the opportunity cost of the next best alternative.

About This Question

This is Post Utme Uniport 2023 Commerce Question 31. It is one of the objective questions from the 2023 Post Utme Uniport Commerce examination.

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