Asked by Brittany Cates on Jul 13, 2024
Verified
What name do economists have for a cost that has already been committed and cannot be recovered?
Committed Cost
Expenses that a company has already made or obliged itself to make in the future, often fixed and not easily changed.
- Implement the principles of sunk costs and opportunity costs within the context of making economic decisions.
Verified Answer
BM
Learning Objectives
- Implement the principles of sunk costs and opportunity costs within the context of making economic decisions.