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The cost of one thing in terms of the alternative given up is known as:

A. Production cost

B. Physical cost

C. Real cost

D. Opportunity cost

Correct Answer : D.


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  1. Which of the following is the work of A.C.Pigou?
  2. Iso-product curve (isoquant) shows:
  3. By increasing the price of its products above those of its competitors, a perfectly competitive seller:
  4. Utility is:
  5. The long run total cost is attained by:
  6. Any straight line supply which cuts the x-axis will have:
  7. The kinked demand curve comes into being where:
  8. Who wrote Economics of Imperfect Competition?
  9. The Law of Diminishing Marginal Returns can be explained in terms of:
  10. Quantity demanded or supplied is measured in:
  11. Which one of the following is also known as Plant Curves:
  12. If at the unchanged price, the demand for a commodity goes up, or the quantity demanded remains the…
  13. Which of the following is an implicit cost of production?
  14. Demand is consumers:
  15. The slope of budget line shows the price ratios of:
  16. If regardless of changes in its price, the quantity demanded of a commodity remains unchanged, then…
  17. The game theory concentrates on:
  18. Consumer surplus is the difference between
  19. When the consumer is in equilibrium not only his income is fully spent, but the ratio of marginal utility…
  20. Under monopolistic competition, the firms compete alongwith:
  21. The relationship between AC and MC curves depend upon the behavior of:
  22. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  23. The slope of an iso-quant represents:
  24. The budget constraint can be written as:
  25. Who introduced the concept of Elasticity of Demand into economic theory?
  26. Excess capacity is concerned with the:
  27. In general, most of the production functions measure:
  28. In case of monopoly, TR curve rises at a:
  29. In finding equilibrium position of a profitmaximizing firm, which technique is most convenient?
  30. Returns to scale is a: