Examlex
When a beam of light in air is incident at an angle of incidence θi < 90° on a piece of glass, the angle of refraction is larger than the angle of incidence.
Relevant Range
The span of operations where the presuppositions regarding variable and fixed cost dynamics remain applicable.
Sunk Cost
Costs that have already been incurred and cannot be recovered, which should not affect future business decisions.
Marginal Cost
The cost incurred by producing one additional unit of a product or service.
Indirect Cost
Expenses not directly tied to the production of goods or services, such as administration, rent, and utilities.
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