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Paper 1 · Opportunity Cost and Scarcity

Opportunity cost means

Athe price of a good in terms of the price of the other good.
Bthe price of a good in terms of the best alternative forgone.
Cthe price of one good in terms of the other in barter trade.
Dthe time lost in costing goods and services.

ZIMSEC Economics 9158/1 Paper 1, November 2013, Q1

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