Economists argue that:A) accounting costs include all types of costs,even implicit costs.B) every decision has an opportunity cost.C) some decisions have opportunity costs,while others don't.D) economic decisions should include sunk costs.

Question

​Economists argue that:A) ​accounting costs include all types of costs,even implicit costs.B) every decision has an opportunity cost.C) some decisions have opportunity costs,while others don't.D) ​economic decisions should include sunk costs.

Ihezue Nkenna · Accepted Answer

Final Answer : B, Explanation :  Economists believe that every decision has an opportunity cost, which is the value of the next-best alternative forgone. Accounting costs may only include explicit costs, while implicit costs are opportunity costs that are not reflected in the accounting records. Sunk costs are irrelevant to economic decision-making because they have already been incurred and cannot be recovered.

Economists argue that:

A) accounting costs include all types of costs,even implicit costs.
B) every decision has an opportunity cost.
C) some decisions have opportunity costs,while others don't.
D) economic decisions should include sunk costs.

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Learning Objectives

Related questions

​Economists argue that:A) ​accounting costs include all types of costs,even implicit costs.B) every decision has an opportunity cost.C) some decisions have opportunity costs,while others don't.D) ​economic decisions should include sunk costs.

Definitions

Learning Objectives

Learning Objectives

Related questions

Economists argue that:

A) accounting costs include all types of costs,even implicit costs.
B) every decision has an opportunity cost.
C) some decisions have opportunity costs,while others don't.
D) economic decisions should include sunk costs.