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What is the value of all tangible resour...

What is the value of all tangible resources such as raw materials and labour that are used in the production process called?

A

Real Cost

B

Variable Cost

C

Opportunity Cost

D

Fixed Cost

Text Solution

Verified by Experts

The correct Answer is:
A
Real Cost : It is the overall actual expense involved in creating a good or service for sale to consumers.The real cost of production for a business typically includes the value of all tangible resources such as raw materials and labor that are used in the production process.
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