The cost of one thing in terms of the alternative given up is called:

Related MCQs

• Given the price, if the cost of production increases because of higher price of raw materials, the supply
• The opportunity cost of a machine which can produce only one product is:
• The period of time required to recover initial cost of investment is called
• The number of years required to recover initial cost of investment is called
• ___________ on capital is called ‘Cost of capital’.
• The values of the future net incomes discounted by the cost of capital are called
• In Heckscher-Ohlin model, factor abundance have been defined in two terms. Those are
• When a firm’s average revenue is equal to its average cost, it gets ________.
• As for the cost of production of an individual farmer, the rent paid by him
• The necessary condition for allocative efficiency is that each commodity be produced in an amount that makes the marginal benefit to society of the last unit produced equal to the marginal cost to society of that last unit. The satisfaction of this condition in a market economy relies on the assumptions of: