WAEC - Economics (2005 - No. 4)
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
Olu's real cost is 150.00 Naira
Olu's opprtunity cost is the T-shirt he bought
Olu's opportunity cost is the textbook
Olu's money cost is also the real cost