A Locked-In Cost Is A(n) ________

question 169

Multiple Choice

A locked-in cost is a(n) ________.

• A) opportunity cost that is fixed in the short run
• B) cost that can be changed in the short run
• C) cost that has not yet been incurred, but based on decisions that have already been made, will be incurred in the future
• D) cost that has been incurred, but based on decisions that have already been made, will be not incurred in the future

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Definitions:

Economic Principles

Fundamental theories and concepts that underpin the study of economics, guiding the analysis of economic behavior.

Value Judgments

Assessments or opinions based on personal values, ethics, or tastes, rather than objective data.

Positive Economic Statement

An objective statement that can be tested or validated and is based on factual information.

Budget Line

A diagram that represents all possible pairs of two commodities that can be acquired with a given budget and product prices.