Costs that are forever lost after they have been paid are:
A. fixed costs.
B. production costs.
C. sunk costs.
D. variable costs.
Answer: C
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Of the following, who gains because of tariffs and why?
A) domestic producers of protected goods because they can sell at a higher price B) domestic buyers because they can be sure of buying high-quality products C) foreign producers because they earn more total revenue D) foreign government because they gain more revenue E) domestic buyers because they pay a lower price
If price decreases by 10 percent and quantity demanded increases by 30 percent, the price elasticity of demand will be
A) 0.333. B) 3. C) 30. D) 300.
Which of the following would increase the price of fitness equipment?
a. a reduction in consumer income b. a major study indicating that a 30-minute workout each day improved health more than was previously thought to be the case c. a decrease in the price of steel used to produce the equipment d. all of the above
Per-unit production cost is:
A. real output divided by inputs. B. total input cost divided by units of output. C. units of output divided by total input cost. D. a determinant of aggregate demand.