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JAMB Economics 1994 Question 2

Question 2

Basic Concepts

Opportunity cost is an economic concept which describes the

  1. A.monetary equivalent of the utility of a commodity
  2. B.amount of time or money invested on a commodity
  3. C.sacrifice made for the satisfaction of a want
  4. D.cost of retaining an optimum level of production of commodities
Show the answer and explanation

Answer: C (sacrifice made for the satisfaction of a want)

Explanation

Opportunity cost is the next best alternative given up (sacrificed) to satisfy a want.