Peter Was Just Hired as an Accounting Assistant and Wants

question 88

Multiple Choice

Peter was just hired as an accounting assistant and wants to make a good impression in his new position.What should he do when listening to his supervisor?

• A)Don't ask questions because doing so may make him look ignorant.
• B)Show his interest by leaning forward and striving for good eye contact.
• C)Feel free to answer the phone if he receives a call to show how busy he is.
• D)Rely on his memory for the details rather than take notes to show how sharp he is.

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Definitions:

Sunk Cost Fallacy

The misconception that future decisions should be influenced by previously incurred costs that cannot be recovered.

Marginal Cost-Benefit Calculations

The process of evaluating whether the additional benefits of an action or investment outweigh its additional costs.

Average Fixed Costs

The total fixed costs of production divided by the quantity of output produced, representing how fixed costs spread out over units of output as production increases.

Total Costs

Total costs are the sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.