An example of a sunk cost would be:
A. the admission fee you paid to enter a national park.
B. the value of a lift ticket once you've started skiing.
C. the cost of a movie ticket once you've started watching the movie.
D. All of these are examples of sunk costs.
Answer: D
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Total spending in a nation is its gross national product
a. True b. False Indicate whether the statement is true or false
In the long run a company that produces and sells kayaks incurs total costs of $15,000 when output is 30 kayaks and $20,000 when output is 40 kayaks. The kayak company exhibits
a. diseconomies of scale because total cost is rising as output rises. b. constant returns to scale because average total cost is constant as output rises. c. diseconomies of scale because average total cost is rising as output rises. d. economies of scale because average total cost is falling as output rises.