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Chapter 8 Building Blocks in Economics the Problem of Choice - Part 4

If a farmer uses land to grow wheat instead of vegetables, the opportunity cost is:

Type: MCQ • Marks: 1
If a farmer uses land to grow wheat instead of vegetables, the opportunity cost is:
Options
A. The farmer's entire income
B. The benefit from the best forgone vegetable crop
C. The value of the land itself
D. Zero
Explanation
Explanation: Opportunity cost is based on the next best alternative use of the resource.
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