The cost of next best alternative is called
A) marginal cost
B) average cost
C) opportunity cost
D) direct cost
Correct Answer:
Verified
Q5: When MC cuts AC, AC is at
Q6: Cost function relates cost to
A)input
B)output
C)raw material
D)machines
Q7: An increase in market demand, supply remaining
Q8: There is no distinction between firm and
Q9: A fall in the market demand, supply
Q11: When MC is greater than AC, AC
A)rises
B)falls
C)maximum
D)minimum
Q12: Supply curve represents -------- relationship between quantity
Q13: National Income means:
A)gnp at factor cost
B)gnp at
Q14: The difference between GDP and NDP equals:
A)transfer
Q15: Which of the following is true?
A)gnp +
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