The Cost That Is Incurred as a Result of Past

question 11

Multiple Choice

The cost that is incurred as a result of past, irrevocable decisions and is irrelevant to future decisions is called:

• A) Opportunity cost
• B) Sunk cost
• C) Incremental cost
• D) None of the above

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Definitions:

Brainstorm

The activity of generating innovative ideas or solutions in a group discussion, aiming to foster creativity.

Evaluate Ideas

The process of critically assessing the validity, feasibility, and potential impact of concepts or proposals.

Decision-making Strategy

A systematic approach or methodology employed to make choices among various alternatives to achieve a goal.

Dominant Speaker

An individual in a conversation or group who takes the lead in speaking, often influencing the direction or outcome of the discussion.