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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
A firm has to pay a fixed rent of ₹ 500 for the postpaid mobile bill and further pay extra charges for the calls made in a month. Identify the type of cost mentioned here.
Overheads are often related to accounting concepts such as fixed cost and ______ cost.
Which cost decreases with increase in the volume of output?
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 of the following best describes a fixed cost?
Fixed cost is a cost which remains same at ______.
Direct cost increases when ______.
Explain the following:
Sunk cost
Distinguish between controllable and uncontrollable costs.
Distinguish between shut down cost and sunk cost.
Distinguish between Direct Labour cost and Indirect Labour cost.
Give an example of opportunity cost.
The term "variable costs" refers to ______.
"Some costs are semi-variable in nature." Comment.
What is meant by variable cost?
What do you mean by Semi-Fixed cost?
