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प्रश्न
What is opportunity cost?
What do you understand by opportunity cost?
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उत्तर
Opportunity cost or alternative cost is the benefit from the second-best use of the firm's resources that is foregone in order to reap the return from the best use of resources.
Notes
Students should refer to the answer according to the question.
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संबंधित प्रश्न
Describe cost on the basis of behaviour.
Variable cost is a cost that ______.
Total variable cost per unit increases ______.
The cost remains same at all levels of output is called ______ cost.
It refers to the expenses incurred on those items which are not directly chargeable to production. Salaries of timekeeper, foremen and watchmen are examples of this cost. This cost is incurred for the concern as a whole rather than a particular product.
Which definition best describes indirect costs?
Which of the following best describes a fixed cost?
Explain the following:
Sunk cost
Distinguish between controllable and uncontrollable costs.
Distinguish between direct costs and indirect costs.
Distinguish between Direct Labour cost and Indirect Labour cost.
Give an example of opportunity cost.
The term "variable costs" refers to ______.
Fixed cost is a cost which ______.
Fixed cost per unit decreases when ______.
Amount spent to purchase a machinery is the example of ______ cost.
A cost that is easily traceable to a cost object is known as ______.
What do you mean by Semi-Fixed cost?
Explain with an example, the meaning of variable costs.
