Costs Associated with Some Decisions by the Firm That Are

question 33

Multiple Choice

Costs associated with some decisions by the firm that are additional costs that a firm would incur if it took one course of action rather than another are called:

• A) incremental costs
• B) implicit costs
• C) fixed costs
• D) historical costs
• E) opportunity costs

---

Definitions:

Ethical Challenges

Situations in which individuals or organizations must make decisions that involve distinguishing between morally right and wrong actions.

Stakeholder Commitments

Obligations or responsibilities that an organization has towards its stakeholders, including customers, employees, investors, and others.

Executive Pay

Compensation awarded to executives, including salary, bonuses, and other benefits.

Cast Bronze Valves

Valves made through casting, a manufacturing process in which a liquid metal is poured into a mold that has the shape of the part needed, using bronze as the material.