Sunk costs microeconomics
[DOC File]CHAPTER 1 Microeconomics and Market Analysis
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A) sunk B) marginal C) fixed D) opportunity Answer: D Diff: 2 Type: D 16) Regardless of what I do in the future, I cannot avoid _____ costs because I have already incurred them. A) total B) sunk C) marginal D) allocative Answer: B Diff: 2 Type: D 17) A market in which profit opportunities are eliminated almost instantaneously is a(n ...
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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8. Explicit costs are opportunity costs but implicit costs are not. 9. Sunk costs are opportunity costs. 10. If the production possibility curve is a straight line, then costs are constant per unit. Multiple Choice/Short Answer. 1. A good theory is one that. a. has assumptions that mirror reality. b. describes the real world as closely as possible.
Sunk cost - Wikipedia
C) there are no sunk costs involved in this decision. D) the only cost relevant to this decision is the price you paid for the building. Answer: B 15) That which we forgo, or give up, when we make a choice or decision is called the __________ cost of that decision.
[DOC File]Lahore School of Economics
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opportunity costs microeconomics. scarcity macroeconomics. cost-benefit analysis Homo economicus. external cost proportional thinking. explicit costs marginal analysis. implicit costs economic naturalist. sunk costs normative economics. invisible hand positive economics. A Case to Consider
[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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C) the opportunity costs of the factors of production that the firm owns. D) the sunk costs incurred by the firm. E) the explicit costs of the firm. Answer: C. Diff: 2. Section: 7.1. 10) Consider the following statements when answering this question. I. Increases in the rate of income tax decrease the opportunity cost of attending college. II.
[DOC File]Principles of Microeconomics
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Microeconomics I. Winter Term 2009. Quiz 4: BSc. 2, Section B. The difference between the economic and accounting costs of a firm are . the accountant's fees. the corporate taxes on profits. the opportunity costs of the factors of production that the firm owns. the sunk costs incurred by the firm. the explicit costs …
[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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Sunk Costs: Module 17, pp. 231 - 232. Production in the Short Run: Module 20, pp. 262 – 267. The Production Function. Fixed and Variable Inputs. Total Product and Marginal Product. Increasing and Diminishing Marginal Returns to an Input. Firm Decision-making: Costs of Production (11/6, 11/11, & 11/18) Costs in the Short Run: Module 21, pp ...
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