In Any Decision Making Situation,sunk Costs Are Irrelevant and Should

question 132

True/False

In any decision making situation,sunk costs are irrelevant and should be ignored.

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Definitions:

Opportunity Cost

The expense incurred by not choosing the second-best option available during decision-making.

Farmer

An individual engaged in agricultural activities, involved in the cultivation of crops or the raising of livestock.

Economic Progress

The process through which an economy grows or improves its capacity to meet its population's needs and wants.

Comparative Advantage

A situation where a country, individual, or company can produce a good or service at a lower opportunity cost than others.