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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
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26. the opportunity cost of a factor of production is (1) whatit is earning in its present use (2) what it can earn in next best alternative use (3) what it can
26. The opportunity cost of a factor of production is (1) whatit is earning in its present use (2) what it can earn in next best alternative use (3) what it can earn in the long period (4) what has to be paid to retain it in its present use Which of the following is correct regarding long-run cost cur (A) It is least cost of producing each level of output (B) LAC Curve is envelope of SAC curves (C) LAC is U-shaped Choose the right answer (2) (B) and (C) only (1) (A) and (B) only (4) (A), (B) and (C) A13) (A) and (C) only 12
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Nidhi taparia Best Answer
26. The correct answer is (2). Opportunity cost of a factor of production is what it can earn in next best use.
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Nidhi taparia![best-answer]()
27. Option (4) is correct because all A, B and C are right. LAC is indeed the least cost that will have to be incurred to produce a given level of output. It envelopes all SACs as it is derived out of them. And finally, LAC is usually u-shaped, meaning cost once falls then rises.