Match List I with List II
|
List I Cost Concepts |
List II Description |
||
|
(A) |
Explicit cost |
(I) |
Costs that do not require any outlay of money by the firm |
|
(B) |
Implicit cost |
(II) |
A cost that has already been committed and cannot be recovered |
|
(C) |
Total cost |
(III) |
Costs that require an outlay of money by the firm |
|
(D) |
Sunk cost |
(IV) |
Market value of all inputs that a firm uses in production |
Choose the correct answer from the options given below:
1
A - III, B - IV, C - I, D - II
2
A - II, B - IV, C - III, D - I
3
A - III, B - I, C - IV, D - II
4
A - III, B - IV, C - II, D - I