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  4. JAMB 2023
  5. Real cost is

Real cost is

Economics
JAMB 2023

Real cost is

  • A. Alternative commodities forgone
  • B. Amount of money spent on goods and services
  • C. Cost of goods and services
  • D. True cost
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Correct Answer: Option A
Explanation

This refers to the opportunity cost of choosing one option over another, representing the value of the next best alternative that is not chosen.

Therefore, Option A is most suitable.

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