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The expression of cost in terms of alternative forgone is referred to as ____?

Economics
JAMB 2018

The expression of cost in terms of alternative forgone is referred to as ____?

  • A. Scarce resources
  • B. Decision making
  • C. Opportunity cost
  • D. Choice
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Correct Answer: Option C
Explanation

Opportunity cost is defined as the expression of cost in terms of alternative forgone. It is the satisfaction of one’s want at the expense of another want.


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