The municipal government of Oslo has allocated 12% of its annual municipal budget to transitioning its entire public municipal fleet to electric-hydrogen hybrid vehicles. Consequently, planned expansion and upgrade projects for the city's public municipal libraries and community learning centres have been indefinitely postponed.
With reference to the information above, explain what is meant by 'opportunity cost'.
85 exam-style questions on Edexcel A A Level Economics 1.1 Nature of economics, covering 1.1.1 Economics as a social science, 1.1.2 Positive and normative economic statements, 1.1.3 The economic problem, 1.1.4 Production possibility frontiers, 1.1.5 Specialisation and the division of labour, and 1.1.6 Free market economies, mixed economy and command economy. Each one has a worked solution and a mark scheme showing where the marks go.