Sunk costs
A) are costs that firms sink into marketing.
B) are important for optimal decision making.
C) are costs associated with repairing something you already own.
D) are costs that have already been paid and cannot be recaptured in any significant way.
D
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Use the above figure. The profit this monopolist earns is closest to
A) $3,000. B) $4,800. C) $1,600. D) $1,000.
In the United States, paper money is redeemable for gold
a. True b. False Indicate whether the statement is true or false
If Jim pays $1000 to John: a. GDP will increase by $1000
b. GDP will increase, but we cannot determine by what amount. c. nominal GDP will increase, but we cannot be sure if real GDP will increase or decrease. d. we need more information in order to determine whether or how much GDP will change.
Economic theory would lead us to suspect that deep sea oil reserves would be accessed before those located in the Middle East or on the U.S. mainland
a. True b. False Indicate whether the statement is true or false