Musa has a choice of buying a shirt, a book and a bag. Wh...
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
A bag only
A book and a bag
A shirt and a bag
A shirt only
Correct answer is C
The opportunity cost is simply explained as the foregone alternative. It is what you give up in order to buy something else.
In this case, Musa can either buy a shirt, a book, or a bag, but cannot buy all of them at the same time. If he decides to buy a book, the bag and shirt that he did not buy are the opportunity cost.
The effect of emigration on a country's population is ...
The short-run average variable cost of a firm will rise owing to ...
Age-structure in Nigeria is such that the working age-group is in the years ...
Industrialization is the process of_________ ...
Which of the following financial assets consist the lowest rate of interest in Nigeria? ...
A tax on a commodity whose supply is perfectly inelastic is ...
If the national income is 60m, the contribution of the manufacturing sector is ...
A debenture holder is entitled to payment in the form of ...