Opportunity cost of choosing the best alternative is the value of the next best alternative forgone. Here the priority order is school, hospital, factory, residential complex. The best alternative is the school, so its opportunity cost equals the next best alternative forgone, which is the hospital.
A hypothetical economy has a piece of land which, in order of priority, can be used for building a school, a hospital, a factory and a residential…
CUET UG 2022 — Economics Micro
2022mcqeasy
A hypothetical economy has a piece of land which, in order of priority, can be used for building a school, a hospital, a factory and a residential complex. What is the opportunity cost of choosing the best alternative ?
Official previous-year question
Verified 13 Jul 2026.
Options
- A
A school
- B
A hospital
- C
A factory
- D
A residential complex
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