Sociologists Often Refer to Less-Developed Societies,in Which Industrial Production Is

question 12

Multiple Choice

Sociologists often refer to less-developed societies,in which industrial production is either virtually nonexistent or developed only to a limited degree,as

• A) the developing world.
• B) industrialized societies.
• C) emerging economies.
• D) the Global North.

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Definitions:

Differential Cost

The difference in cost between two alternative decisions, or a change in cost from one period to the next.

Incremental Cost

The additional cost that a company incurs when producing one more unit of a product.

Incremental Costs

Costs that change as a result of a decision to increase or decrease the level of an activity or operation.

Sunk Costs

Costs that have already been incurred and cannot be recovered or altered by future actions, and therefore should not influence current or future business decisions.