Which of the Following Costs Are Always Relevant in Decision

question 77

Multiple Choice

Which of the following costs are always relevant in decision making?

• A) Variable costs.
• B) Avoidable costs.
• C) Sunk costs.
• D) Fixed costs.

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Definitions:

Free Trade

An economic strategy permitting the free movement of goods in and out of countries without the imposition of tariffs, quotas, or any form of restrictions.

Virtues

Qualities or traits that are deemed to be morally good and thus is valued as a foundation of good moral being.

Infant-Industry Argument

A justification for protectionist policies that asserts new industries need to be shielded from international competition until they are mature and competitive enough.

Implementation

refers to the process of executing a plan, project, or method to completion.