Fixed Costs

question 23

Multiple Choice

Fixed costs

• A)are always sunk.
• B)are avoidable.
• C)are sometimes sunk.
• D)sunk in the short run, but not in the long run.

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Definitions:

Innovation

The introduction of new ideas, products, or methods, often improving upon or making a significant contribution to existing concepts.

Ritualism

The strict adherence to rituals or routines, often in a religious or cultural context, sometimes at the expense of the underlying purpose.

Local Norms

Social rules and guidelines that are understood and followed by members of a community or society, specifically within a certain locality.

Formal Control Agencies

Organizations or bodies established by a government or society to enforce laws, norms, and regulations, such as police or regulatory agencies.