A cost that has already been incurred and cannot be recovered is called:
a. fixed cost.
b. explicit cost.
c. sunk cost.
d. opportunity cost.
c
You might also like to view...
Suppose that last year $1 U.S. exchanged for 1.2 euros. If this year $1 exchanges for 1.3 euros, then we can conclude that
A) the dollar is weaker this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) curve to shift to the left. B) the dollar is weaker this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) to shift to the right. C) the dollar is stronger this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) curve to shift to the left. D) the dollar is stronger this year than it was last year and this will cause the United States' short-run aggregate supply (SRAS) curve to shift to the right.
Economists study how people make decisions
a. True b. False Indicate whether the statement is true or false
Which of the following success indicators is present in a market system but lacking in a command system?
A. Wages. B. Income distribution standards. C. Profit. D. Production targets.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. The chef's explicit costs are equal to_____.
a. ?$66,000 b. ?$78,000 c. ?$52,000 d. ?$72,000 e. ?$26,000