Which of the following distinctions helps to explain the difference between relevant and irrelevant cost?
A) accounting cost vs. direct cost
B) historical cost vs. replacement cost
C) sunk cost vs. fixed cost
D) variable cost vs. incremental cost
B
Economics
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GDP is the market value of all final goods and services produced within a country in a given period of time
a. True b. False Indicate whether the statement is true or false
Economics
The price received by sellers in a market will increase if the government decreases a
a. binding price floor in that market. b. binding price ceiling in that market. c. tax on the good sold in that market. d. None of the above is correct.
Economics