You Have Just Purchased a Car for $20,000 and Realized

question 122

Multiple Choice

You have just purchased a car for $20,000 and realized that you still have to pay for insurance,licence,parking and gasoline.The $20,000 spent on the car represents

• A) sunk cost.
• B) opportunity cost.
• C) marginal cost.
• D) average cost.
• E) total costs.

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Definitions:

Dutch Ethologist

A Dutch ethologist is a scientist from the Netherlands who studies animal behavior through observational and experimental methods.

Habituation

A type of learning in which an animal becomes accustomed to a repeated, irrelevant stimulus and no longer responds to it.

Physiologically Ready

A state in which an organism or part of an organism is prepared for a specific physiological process or activity.

Sand Wasp

Insect species within the Crabronidae family, known for nesting in sandy environments and often preying upon or parasitizing other insects.