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Exam (elaborations)

ECS1501 ASSIGNMENT 1 SEMESTER 1 2023 QUESTIONS AND ANSWERS

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Institution
University Of South Africa (Unisa)
Course
ECS 1501








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Uploaded on
March 7, 2023
Number of pages
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Written in
2022/2023
Type
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Questions & answers

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Opportunity cost refers to the value of



all choices given up by individuals,
firms and government.
. the best alternative given up whena ¥
choice is made.
all costs incurred when a choice is
made.

time forgone when a choice is made.



The correct answer is: the best alternative
given up when a choice is made.

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