Exactly what is a "sunk cost"?
A) A decision somebody regrets having made
B) A mistaken choice
C) Unrecoverable costs
D) A cost that haunts you for the rest of your life
C
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Refer to the scenario above. The market for Good A in Eduland is an example of a ________
A) monopoly B) duopoly C) monopolistic competition D) perfect competition
The introduction of a subsidy in a perfectly competitive marketplace that is originally in equilibrium will raise total surplus.
Answer the following statement true (T) or false (F)
Which of the following is a definition of velocity?
a. Velocity = value of final goods and services produced/money supply b. Velocity = real GDP/M c. Velocity = nominal GDP/real GDP d. Velocity = (P Q)/(M V)
Which two curves tell you whether or not you've achieved maximum profit?
a. P and MR b. MR and MC c. MC and TC d. P and AVC e. AVC and ATC