Real cost is
ECONOMICS
JAMB 2023
Real cost is
- A. Alternative commodities forgone
- B. Amount of money spent on goods and services
- C. Cost of goods and services
- D. True cost
Correct Answer: C. Cost of goods and services
Explanation
Real cost is the cost of producing a good or service, including the cost of all resources used and the cost of not employing those resources in alternative uses.
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