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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
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JAMB CBT Mobile App 2025 - Free Download
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JAMB CBT Software 2025 - Free Download
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JAMB CBT Software 2025 - Free Download
JAMB CBT 2025 - Candidates, Schools, Centres, Resellers - Get Ready!
Myschool's prices for products & services are going up again in February - Buy what you need now