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A company's expenditure on raw materials is termed as_______?

Economics
JAMB 2016

A company's expenditure on raw materials is termed as_______?

  • A. Prime cost
  • B. Explicit cost
  • C. Average cost
  • D. Implicit cost
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Correct Answer: Option A
Explanation

A prime cost is the total direct costs of production including raw materials and labor.

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