Commercial Applications
Sacrifice made to acquire something is called as ……………
- Cost
- Price
- Revenue
- Expense
Cost
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Answer
Cost
Reason — As per the textbook, cost in common usage means the "price paid for something" or the "sacrifice made to acquire something." It is the money spent or the liability incurred for acquiring goods or services. Price is the amount asked for a product, revenue is the income earned from sales, and expense is a cost expired in earning revenue — none captures "sacrifice made to acquire" as precisely as cost.
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