(a) Why is the scale of preference important (b) Explain the concept, opportunity cost. (c) State the opportunity cost in each of the following actions: (i)...

(a) Why is the scale of preference important
(b) Explain the concept, opportunity cost.
(c) State the opportunity cost in each of the following actions:
(i) A shirt was purchased for N500.00 instead of a pair of shoes.
(ii) Onions were planted on a farm realizing N20,000.00 instead of maize that could have realized N25,000.00