The expression of cost in terms of alternative forgone is...
The expression of cost in terms of alternative forgone is referred to as ____?
Scarce resources
Decision making
Opportunity cost
Choice
Correct answer is C
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.
For a monopolist, the average revenue (AR) curve is ...
Separation of ownership of resources and their control is mostly found in a _________ ...
Petroleum has the following positive contributions to the Nigerian economy except ...
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The larger a firm, the lower its cost of production This statement explains the? ...
Economics is the study of how to ...
Calculate the total number of people engaged in tertiary production from the data above ...