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WAEC Economics 1997 Question 27

Question 27

Basic Concepts

the foregone alternative in Economics is simply the

  1. A.marginal cost
  2. B.cost of a foregone product
  3. C.total cost
  4. D.opportunity cost
  5. E.average cost
Show the answer and explanation

Answer: D (opportunity cost)

Explanation

Opportunity cost is the next best alternative given up.