Estimated value that is added to a product or material to each stage, of its manufacture or distribution, is known as ?
Correct answer: C. Value added
- A. Value addition
- B. Excise
- C. Value added
- D. Tax on stage
Explanation
Value added is the increase in worth created at each stage of production or distribution, calculated as output value minus the cost of purchased inputs. “Value addition” describes the process, while “value added” is the resulting amount.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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