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प्रश्न
Define opportunity cost.
उत्तर
The cost of enjoying more of one good in term of sacrificing the benefit of another good is called opportunity cost of the additional unit of the good.
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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.
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.
Give one difference between accounting cost and opportunity cost.
Answer the following question.
Explain how a producer can maximize profit by using MR and MC curves.
