passwella.
Menu

JAMB Economics 1981 Question 49

Question 49

Basic Concepts

Opportunity cost is best defined as

  1. A.the penalty for not seizing golden opportunities
  2. B.sacrificed alternative (output, income, etc.)
  3. C.the cost of creating job opportunities
  4. D.payment made to an industrial worker
  5. E.the difference between fixed and variable costs.
Show the answer and explanation

Answer: B (sacrificed alternative (output, income, etc.))

Explanation

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