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:

Rationalize

The process of justifying behaviors, decisions, or beliefs through seemingly logical or reasonable explanations, often to align them with one's own interests or values.

Economic Foundation

The base or underlying economic conditions and resources that support the growth, development, and sustainability of an economy or sector.

Society

A community organized around common traditions, institutions, or shared nationality.

Popular Culture

Encompasses the set of ideas, images, attitudes, and phenomena that permeate the everyday lives of a society, heavily influenced by mass media.