Costs That Are Never Relevant to a Decision Because They

question 44

Multiple Choice

Costs that are never relevant to a decision because they are always the same are:

• A) Sunk costs
• B) Variable costs
• C) Differential costs
• D) Opportunity costs

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Definitions:

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way.

Workers Demanded

The number of employees that employers are willing to hire at a given wage rate.

Economic Immigration

The movement of individuals to a new country with the aim of gaining employment or pursuing investment opportunities, often contributing to the host country's economy.

Standard of Living

The degree of wealth, comfort, material goods, and necessities available to a person, group, or nation.