The initial cost of setting up a business venture
Cost of one product in terms of foregone production of others
The monetary equivalent of the utility of commodity
Cost related to an optimum level of production
Implicit cost
Explanation
No explanation available
Video Explanation
No video available
Post your Contribution
Discussions (13)
The ansa is b oppurtunity cost is what we forgone or sacrifice inorder to satisfy a more pressing need it can also be called real or true cost
the question is drawing from the opportunity cost of the production possibilities curve. the answer should be (S)
i meam (B) NOT A
QUESTIONS IS DRAW FROM THE PRODUCTION POSSIBILITIES CURVE
I tink d answer is B bcos opportunity cost is an alternative foregone. They didn't ask 4 a word dat should b used instead of opportunity cost, d question is 4 us 2 describe, and i tink option B is d best description, tnx.
The answer is E. Implicit costs is also known as
opportunity cost, which are the costs of the
forgone opportunities due to business
decisions. They refer to the income
that a business's resources would
otherwise generate if put to any other
use apart from their current
allocation. For example, in a situation
where a business owns a truck which
it uses to transport its products and
raw materials, the implicit cost is the
revenue the truck would earn if it was
hired by the business to another firm
for that business period. Implicit costs
are not easy to identify or calculate,
as they do not involve money-based
transactions.
implict cost is nt d same as oppurtunity cost bt a part of it wer we hav both implicit nd explicit cost.i think B is d most suitable ansa bcos it explain it in a more simple way
