The difference between the money cost and the real cost of any item is that...
ECONOMICS
WAEC 2011
The difference between the money cost and the real cost of any item is that
- A. real cost is the alternative forgone while the money cost is the actual amount paid for buying the item
- B. the real cost is the opportunity cost, while the money cost is the marginal cost
- C. money cost is the opportunity cost, while the real cost is the actual cost in monetary terms
- D. money cost is always greater than the real cost
Correct Answer: A. real cost is the alternative forgone while the money cost is the actual amount paid for buying the item
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