Question : The opportunity cost of a factor of production is
Option 1: What it is earning in its present use .
Option 2: What it can earn in the long period .
Option 3: What has to be paid to retain it in its present use .
Option 4: What it can earn in some other use.
Correct Answer: What it can earn in some other use.
Solution : The correct option is What it can earn in some other use.
Opportunity cost is the benefit or profit that could have been gained if a resource was used in its next best alternative way. For instance, if a skilled worker chooses to work in a car factory, the opportunity cost is the potential higher wages they could have earned in a well-paying tech company.
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Question : India is a republic because
Question : Select the most appropriate option to improve the underlined segment in the given sentence. If there is no need to improve it, select ‘No improvement required’.
Prashant is better from more other players of our school.
Question : Which of the following is not correct about the jurisdiction of the high court?
Question : Select the most appropriate option to improve the underlined segment in the given sentence. If there is no need to improve it, select ‘No improvement’.
Try to avail of every opportunity that comes your way.
Question : A dealer marks an article 60% above the cost price and sells it to a customer allowing two successive discounts of 10% and 20% on the marked price. If he gains INR 1,064 in the transaction, the cost price (in INR) of the article is:
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