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WAEC Economics 2002 Question 12

Question 12

Basic Concepts

Economists speak about 'opportunity cost' when a consumer

  1. A.has the chance to minimize costs.
  2. B.has to forgo one thing in order to have another.
  3. C.can equate his fixed costs with his variable costs.
  4. D.is able to save part of his income.
Show the answer and explanation

Answer: B (has to forgo one thing in order to have another.)

Explanation

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