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EconomicsNECO SSCE2003

Options:

A.
B.
C.
D.
E.
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Earlier discussion

2 older comments kept for context.

Oluwaseun Adeyemi

Money cost is the cost of acquiring a product or service in available cash. Real cost is the cost of the same expressed in other intangible factors, in addition to cash, such as time, labor, lost opportunity, etc.

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.

Sophia

The correct answer is option A