A sunk cost is
A) another term that means opportunity cost.
B) a term used to describe the cost of capital that the owners of a firm sink into their business.
C) the highest valued alternative that must be given up to engage in an activity.
D) a cost that has already been paid and cannot be recovered.
Answer: D
Economics
You might also like to view...
If nominal GDP increases this year, then real GDP
A) could either increase or not change but cannot decrease. B) must decrease. C) must increase. D) must not change. E) could increase, decrease, or not change.
Economics
If the cross elasticity of demand for DVD players and DVDs equals -2, then the products are
A) unrelated. B) complements. C) inferior goods. D) substitutes. E) normal goods.
Economics