Labor Wages

Front

wages paid to labourers is an example of?

Back

a) Explicit cost

b) Implicit cost

Front

The cost which vary as the level of output varies are called?

Back

a) prime cost

b) real cost

Front

The costs that do not change with the level of output are known as?

Back

a) fixed cost

b) variable cost

Front

The opportunity cost of using resources for one purpose instead of another is called?

Back

a) economic cost

b) accounting cost

Front

Which type of cost includes both explicit and implicit costs?

Back

a) total cost

b) marginal cost