CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST1 Mark
Question
What is meant by explicit costs?
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Answer
Explicit costs are those cash payments which a firm makes to others for the purchase of inputs. Example: (i) Wages paid to labourers, (ii) Payment made for the purchase of raw material.
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