Question
The cost that has to be incurred by a firm to retain an
input is _____of the input.Solution
The opportunity cost of using an input is the value of the next best alternative use of that input. To retain the input for its current use, the firm must forgo the benefit it could get from its next best alternative use, which is its opportunity cost.
More ESI Previous Year Papers Questions
What will come in place of the question mark (?) in the following series?
24, 25, 34, 59, 108, 189, ?
- What will come in place of the question mark (?) in the following series?
24, 35, 57, 90, 134, ? Choose the missing term?
B, D, F, I, L, P, ?
129, 224, 355, 528, ?, 1024
86, 127, ?, 209, 250, 291
18 29 16 31 ? 33
- What will come in place of the question mark (?) in the following series?
29, 32, 41, 68, ?, 392 81, 41, 42, 64.5, ?, 330
48, 24.5, ?, 39.75, 81.5, 206.25, 621.75
114, 146, 210, 306, 434, ?
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