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WAEC Economics 1994 Question 20

Question 20

Basic Concepts

The decision to consume more of one product will under normal circumstances imply that

  1. A.more of another product will be consumed
  2. B.less of something else will be consumed
  3. C.no other product will be consumed
  4. D.decision-making is basic in Economics
  5. E.enough resources are available
Show the answer and explanation

Answer: B (less of something else will be consumed)

Explanation

With limited income, choosing more of one good means giving up some of another (opportunity cost).