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JAMB Economics 1979 Question 16

Question 16

Basic Concepts

Opportunity Cost is the

  1. A.price of scarce goods
  2. B.resources required for making a commodity
  3. C.cost of luxury goods
  4. D.accrual of financial losses by chance
  5. E.alternative that is forgone in order to satisfy a want.
Show the answer and explanation

Answer: E (alternative that is forgone in order to satisfy a want.)

Explanation

Opportunity cost is the next best alternative given up when a choice is made.