Economics · Cost Concepts

Match the different classifications of economic costs in LIST-I with their corresponding real-world examples and descriptions in LIST-II. LIST-I (Cost Category) A. Explicit Costs B. Implicit Costs C. Variable Costs D. Indirect Costs LIST-II (Real-world Example) I. Expenses that change in direct proportion to output, such as raw materials. II. Overhead costs not easily traced to one product, like administrative salaries. III. Tangible, out-of-pocket cash payments for wages and rent. IV. Opportunity costs representing foregone alternatives for self-owned assets. Choose the correct answer from the options given below: