Economics (AS & A Level) · May / June 2022 · Paper 13 · Question 3
9708Scarcity, choice and opportunity cost
What does opportunity cost measure?
- Athe benefits of a good compared with the next choice
- Bthe benefits given up by not consuming the next best alternative
- Cthe costs of any good not chosen
- Dthe financial costs of consuming a good
As printed in the paper
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Correct answer: B. the benefits given up by not consuming the next best alternative
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