Why is a sunk cost not part of the opportunity cost of a decision?
A. Because the expense would too often outweigh the benefits.
B. Because the chances of recouping it are infinitesimally small.
C. Because the money is gone, regardless of the decision made.
D. Sunk costs are a part of the opportunity cost of a decision.
C. Because the money is gone, regardless of the decision made.
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A store remains open from 8 a.m. to 4
A) is the benefit the owner receives from staying open from 8 a.m. to 5 pm. B) depends on the revenues the owner makes during the day. C) must be greater than or equal to the owner's marginal cost if the owner decides to stay open. D) is the benefit the owner receives from staying open from 8 a.m. to 6 pm.
All of the following would be considered a positive addition to household wealth except
A) the equity in one's home. B) the balance in your savings account. C) 500 shares of Google stock. D) a credit card balance.
In the circular flow model of the economy, the resource market is where
a. consumers purchase consumer goods and services b. firms purchase goods and services c. consumers supply goods and services d. firms purchase labor, land, and capital e. consumers purchase labor and capital
Implicit and explicit revenues minus implicit and explicit costs equals:
A. zero profit. B. accounting profit. C. implicit profit. D. economic profit.