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.
Which type of sensor was used in the advanced water level monitoring system installed on the Brahmaputra Mail Express?
Which country won the title of the FIFA Women's World Cup in 2023?
Scientists recently discovered a plant ‘Syntrichia caninervis’ that might be able to survive and grow in the harsh climate of which planet?
What is the primary purpose of the National Pest Surveillance System (NPSS) launched by the Union government?
Which of the following is NOT a method for farmers to register for the PM-KISAN scheme?
What innovative feature is Meta introducing in its new AI assistant, powered by Llama 3?
Project SOORYA, recently seen in the news, is launched by which organization?
The ancient Greeks knew as early _________ 600 B.C. that when resin was rubbed with fur, it attracted light objects such as hair.
Which company recently launched the world's first CNG bike, ‘Freedom 125,’ which runs on petrol and also has the option of CNG (compressed natural g...
What was the role of the healthcare services sector in the overall growth of the services sector in FY24, according to the Economic Survey 2023-24?
Relevant for Exams:
