The first cost to be incurred if the piece of equipment now in place had been bought for a second hand dealer or some other business is called ______. A. Material cost B. Fixed cost C. First cost D. In-place value

The correct answer is: C. First cost.

First cost is the initial cost of an asset, including the purchase price, installation costs, and any other costs incurred before the asset is ready for use. It is also known as the acquisition cost or capital cost.

Material cost is the cost of the materials used to make an asset. It does not include the cost of labor or other overhead costs.

Fixed cost is a cost that does not change with the level of production or sales. Examples of fixed costs include rent, insurance, and depreciation.

In-place value is the current market value of an asset. It is usually lower than the original first cost, due to depreciation.

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