A ______ Cost Is ______ If the Firm Incurs the Cost

question 27

Multiple Choice

A ______ cost is ______ if the firm incurs the cost even if it produces no output.

• A) Fixed; sunk
• B) Fixed; explicit
• C) Variable; sunk
• D) Fixed; avoidable

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Definitions:

Drafted Men

Individuals compulsorily selected and enlisted for military service through a draft or conscription process.

Civil Liberties

Fundamental rights and freedoms protected by law from governmental interference or deprivation without due process.

Border Slave States

The U.S. states located along the border between the northern states, where slavery was illegal, and the southern states, where slavery was legal, prior to and during the Civil War.