Standard Industrial Classification (SIC) Codes Are Used to Designate Similar

question 22

True/False

Standard Industrial Classification (SIC) codes are used to designate similar industrial markets.

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Definitions:

Costs

Costs represent the monetary value spent on resources, labor, and other expenses necessary for the production of goods or services.

Sunk Cost

An expense that is irreversible and non-recoverable, hence it should not affect upcoming corporate choices.

Incremental Cost

The additional cost incurred to produce one more unit of a good or service.

Opportunity Cost

The potential benefit that is missed out on when choosing one alternative over another.