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WAEC Economics 1992 Question 3

Question 3

Basic Concepts

Opportunity cost is defined as the

  1. A.money cost
  2. B.cost of production
  3. C.real cost
  4. D.variable cost
  5. E.fixed cost.
Show the answer and explanation

Answer: C (real cost)

Explanation

Opportunity cost is the real cost of a choice – the next best alternative given up.