If a Business Ignores Some of Its Fixed Costs as Irrelevant

question 133

Multiple Choice

If a business ignores some of its fixed costs as irrelevant to its production decision, this type of cost is termed:

• A)implicit costs
• B)spilt milk
• C)development costs
• D)sunk costs

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Definitions:

Cohorts

Groups of people banded together or treated as a group, often referred to in research or demographics studies.

Social Security

A government program designed to provide financial assistance to people with little or no income, especially the elderly, disabled, and unemployed.

Social Change

The transformation over time of the institutions, culture, and structure of society.

Infant Mortality Rate

The number of deaths per year of infants under age 1 for every 1000 live births.