______ cost refers to actual payment made by the entrepreneur to the providers of factor services.

CA Foundation · Business Economics · MTP · January 2026
______ cost refers to actual payment made by the entrepreneur to the providers of factor services.
(A) A. Explicit
(B) B. Implicit
(C) C. Variable
(D) D. Fixed

Suggested Answer and Working Notes:

Correct Answer: Option (A)

A. Explicit

Topics: Theory of Production and Cost

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