Sunk cost Study guides, Class notes & Summaries
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ECO 3100 - Chapter 7: Costs Questions with Complete Solutions
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Opportunity Cost Correct Answer-The cost of a good measured by the alternative uses that are foregone by producing the good. 
 
Accounting Cost Correct Answer-The actual cost paid for inputs 
 
Economic Cost Correct Answer-The amount required to keep an input in its present use or the amount that input would be worth in its next best alternative use. 
 
Labor Costs Correct Answer-Costs involving the compensation of employees for their labor 
 
- Wage payments are an explicit costs 
-Wage rate is...
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WPC 300 final Questions and answers 2024/2025
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WPC 300 final Questions and answers 
2024/2025 
QUIZ ONE - CORRECT ANSWERGamblers' fallacy is ______________ 
Framing effect bias 
A Zero risk bias 
A clustering illusion 
An endowment effect bias - CORRECT ANSWER-A clustering illusion 
When you keep eating the food you don't like precisely because you already bought the 
food, you are committing _______________ 
Endowment effect bias 
Sunk-cost fallacy 
Zero risk bias 
Availability heuristics bias - CORRECT ANSWER-Sunk-cost fallacy 
______...
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Test Bank for Principles of Macroeconomics 9th Edition by Case , Fair | All Chapters | Complete Guide A+.
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Test Bank for Principles of Macroeconomics 9th Edition by Case , Fair | All Chapters | Complete Guide A+. 
Contents 
Chapter 1 The Scope and Method of Economics 1 
Chapter 2 The Economic Problem: Scarcity and Choice 29 
Chapter 3 Demand, Supply, and Market Equilibrium 55 
Chapter 4 Demand and Supply Applications 98 
Chapter 5 Elasticity 117 
Chapter 6 Household Behavior and Consumer Choice 135 
Chapter 7 The Production Process: The Behavior of Profit-Maximizing Firms 171 
Chapter 8 Short-Run Cos...
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WPC 300 ALL QUIZZES || All Questions & Answers (100% Correct)
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WPC 300 ALL QUIZZES || All Questions & Answers (100% Correct) 
WPC 300 ALL QUIZZES || All Questions & Answers (100% Correct) 
 
QUIZ 1 
 
Gamblers' fallacy is ______________ 
Framing effect bias 
A Zero risk bias 
A clustering illusion 
An endowment effect bias - ANSWER - A clustering illusion 
 
When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ 
Endowment effect bias 
Sunk-cost fallacy 
Zero risk bias 
Availability ...
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Corporate Finance Questions and Correct Answers & Latest Updated
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Projects that are calculated as having negative NPVs should be 
o :## rejected or abandoned 
If adoption of a new product decreases the sales of an old product, what happens? 
o :## incremental benefits of the new product may be overestimated 
a cost should be considered sunk when it 
o :## has no effect on future cash flows 
originally costs $75,000, book value of $20,000, worth $25,000. What is the opportunity 
cost? 
o :## $25,000 
the likely effect of discounting nominal ash flows with real...
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WPC FW 300 Comprehensive Exam 3 || Questions & Answers (Rated A+)
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WPC FW 300 Comprehensive Exam 3 || Questions & Answers (Rated A+) 
WPC FW 300 Comprehensive Exam 3 || Questions & Answers (Rated A+) 
 
Predictive analytics may be applied to __________, which is a set of techniques that use descriptive data and forecasts to identify the decisions most likely to result in the best performance. 
a. Explanatory analytics 
b. Prescriptive analytics 
c. Forecast analytics 
d. Descriptive analytics - ANSWER - Prescriptive Analytics 
 
Which of the following is an ex...
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Ivy Software MBA Prepworks Fundamentals of Economics Exam - Complete Solutions (Answered)
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Ivy Software MBA Prepworks Fundamentals of Economics Exam 
- Complete Solutions (Answered) The main concept demonstrated in the production possibilities frontier is Opportunity cost When country A has a lower opportunity cost of producing sugar relative to country B, then country A is said to have Comparative Advantage A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a Production Possibilities...
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Chapter 13 Relevant Costs for Decision Making
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16. Costs which can be eliminated in whole or in part if a particular business segment 
is discontinued are called: 
A) sunk costs. 
B) opportunity costs. 
C) avoidable costs. 
D) irrelevant costs. 
17. Consider the following statements: 
I. Assemble all costs associated with each alternative being considered. 
II. Eliminate those costs that are sunk. 
III. Eliminate those costs that differ between alternatives. 
Which of the above statements does not represent a step in identifying the relevant...
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ACCOUNTING 333 QUESTION AND 100% CORRECT ANSWERS 2023/2024
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ACCOUNTING 333 QUESTION AND 100% 
CORRECT ANSWERS 2023/2024 
The relevance of a particular cost to a decision is determined by the: (CMA adapted) - CORRECT 
ANSWER-potential effect on the decision 
Fixed costs are always classified as sunk costs in differential cost analysis - CORRECT ANSWER-False 
Albany Industries produces two products. Information about the products is as follows: 
Product 1 Product 2 
Units produced and sold 5,200 11,200 
Selling price per unit $ 23 $ 21 
Variable cost p...
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Econ 130 || with Error-free Solutions.
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Opportunity Cost correct answers Cost of the next best alternative use of money, time, or resources when one choice is made rather than another. 
 
e.g. A friend will 1. clean the house ($20) or 2. cook dinner ($15) or 3. Laundry ($10). The opportunity cost of having dinner cooked is $20. If you chose to clean the house, OP is $15 (next best alternative. 
 
Accommodation is not an OP because you have to pay for it whether you go to Uni or work. 
 
Sunk Costs correct answers Costs that cannot be...
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