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    Question

    In the process of production, the total cost incurred

    by the Producer is known as _____________.
    A Current Prices Correct Answer Incorrect Answer
    B Market Prices Correct Answer Incorrect Answer
    C Nominal Prices Correct Answer Incorrect Answer
    D Basic Prices Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Basic Prices = Total Cost Incurred by Producer. Whereas, Market Price = Final Price Paid By the Consumer

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