A Cost That Has Already Been Incurred and Cannot Be

question 85

Multiple Choice

A cost that has already been incurred and cannot be recovered is known as a(n) _____

• A) sunk cost.
• B) opportunity cost.
• C) direct cost.
• D) implicit cost.
• E) explicit cost.

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Definitions:

Cutthroat Oligopolist

A firm in an oligopoly market structure that aggressively competes on price, often to the detriment of profit margins.

Prices

The amount of money required to purchase goods or services, determined by factors like supply and demand, production costs, and competition.

Cutthroat Competitor

Refers to businesses or individuals that aggressively compete in the market, often by slashing prices or adopting ruthless strategies to undermine rivals.

Competitive Spectrum

Refers to the range of competition levels within an industry, from perfect competition to complete monopoly.