A Cost That Has Been Incurred in the Past and Cannot

question 20

Multiple Choice

A cost that has been incurred in the past and cannot be changed is a (an) :

• A) Short-term cost
• B) Opportunity cost
• C) Sunk cost
• D) Variable cost

---

Definitions:

Empirical Distribution

An empirical distribution is a probability distribution derived from observed data, without assuming any initial distribution model.

Fit Distribution

The process of determining which probability distribution best matches a set of data.

Bootstrap Tool

A statistical method used for estimating the distribution of a statistic by resampling with replacement from the original data.

Lowest Average Profit

The minimum average profit realized over a specified period.