An Avoidable Cost Is One That Has Already Been Spent

question 73

True/False

An avoidable cost is one that has already been spent.An avoidable cost is one a manager can avoid by choosing one alternative instead of another.A sunk cost is one that has already been spent.

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Definitions:

Individualistic

Characterized by independence and self-reliance, prioritizing personal goals over group objectives.

Social Structures

The complex framework of societal institutions (like laws, economy, and social roles) and the patterns of relationships between individuals and groups within a society.

Micro

relates to something that is extremely small in scale or scope, often used in contexts like microeconomics, which deals with individual and business decisions.

Macro

Refers to a large-scale perspective in various disciplines, focusing on the structure and behavior of systems as a whole rather than individual components.