A cost which has been incurred and cannot be recovered is called a:
a. Opportunity Cost
b. Monetary Cost
c. Variable Cost
d. Sunk Cost
d
You might also like to view...
During World War II, Hitler would often order his army to hold a particular town or river “at all costs.” Was this rational? If so, explain. If not, indicate which economic idea it violated.
What will be an ideal response?
Net exports are negative when:
a) a nation's imports exceed its exports. b) the economy's stock of capital goods is declining. c) depreciation exceeds domestic investment. d) a nation's exports exceed its imports.
From the late 1980s to 2000, the natural rate of unemployment
A. held constant. B. fluctuated up and down, following the path of the actual rate of unemployment. C. climbed sharply. D. gradually declined.
In which market structure does a firm have the LEAST influence over the market price?
A) monopoly B) monopolistic competition C) oligopoly D) perfect competition