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Question
Match the correct pair of statements given in Column I and Column II.
| Column I | Column II |
| A. AFC | 1. Cost that does not change in the short run |
| B. Fixed cost | 2. Best alternative good that is given up to produce a particular good |
| C. Opportunity cost | 3. Money cost of production |
| D. Explicit cost | 4. Per unit cost of production of fixed factors of production |
Options
A - 4, B - 2, C - 3, D - 1
A - 1, B - 2, C - 4, D - 3
A - 3, B - 2, C - 1, D - 4
A - 4, B - 1, C - 2, D - 3
MCQ
Match the Columns
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Solution
A - 4, B - 1, C - 2, D - 3
Explanation:
| Column I | Column II |
| A. AFC | 4. Per unit cost of production of fixed factors of production |
| B. Fixed cost | 1. Cost that does not change in the short run |
| C. Opportunity cost | 2. Best alternative good that is given up to produce a particular good |
| D. Explicit cost | 3. Money cost of production |
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