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Opportunity cost is a term which describe

Economics
JAMB 1978

Opportunity cost is a term which describe
  • A. The initial cost of setting up a business venture
  • B. Cost of one product in terms of foregone production of others
  • C. The monetary equivalent of the utility of commodity
  • D. Cost related to an optimum level of production
  • E. Implicit cost
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Correct Answer: Option B
Explanation
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709