Examlex
Empirical tests of market efficiency fail to show that most major national markets are reasonably efficient.
Sunk Cost
A past expenditure that cannot be recovered and should not be considered when making future investment decisions.
Nonrefundable
A term used to describe payments or fees that cannot be returned to the payer under most circumstances.
Nontransferable
A characteristic of certain rights or privileges that cannot be legally transferred from one individual or entity to another.
Economic Profit
Economic profit is a measure of performance that includes opportunity costs in addition to traditional accounting profits.
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