Costs That Have Already Been Incurred, and Which Cannot Be

question 140

Multiple Choice

Costs that have already been incurred, and which cannot be recovered, are known as

• A)short-run fixed costs.
• B)implicit costs.
• C)unavoidable costs.
• D)sunk costs.

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Definitions:

Population Parameter

A population parameter is a numerical value that represents a characteristic of an entire population, such as its mean or standard deviation.

Point Estimate

A statistical measure that provides the best single value estimate of a population parameter.

Mean Amount

The average value of a set of numbers, calculated by adding all the values and dividing by the count of numbers.

Sample Mean

Sample mean refers to the average of all the data points in a sample taken from a population, serving as an estimate of the population mean.