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प्रश्न
Answer the following question.
Give one difference between accounting cost and opportunity cost.
उत्तर
Accounting Cost: This is the actual, numeric dollar amount that a firm (company) pays to run its business.
Opportunity Cost: This is the cost of choosing one thing over another.
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संबंधित प्रश्न
What is opportunity cost? Explain with the help of a numerical example.
Explain the concepts of Opportunity Cost and Marginal Rate of Transformation using a production possibility schedule based on the assumption that no resource is equally efficient in production of all goods.
Define opportunity cost.
A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.
Answer the following question.
Explain how a producer can maximize profit by using MR and MC curves.
