Examlex
If the market produces an efficient level of a good,then we know that the good must be _____ and _____ in consumption.
Sunk Cost
Expenses that are already spent and cannot be retrieved or changed by any future activities.
Opportunity Cost
The foregone benefit that would have been derived by choosing an alternative option.
Differential Cost
A future cost that differs between any two alternatives.
Variable Cost Per Unit
The cost that varies with each unit produced, not including fixed costs.
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