Sunk costs are costs that have been incurred, or whose payment cannot be avoided; they are irrelevant to future decisions.
Correct Answer:
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Q2: Which of the following is not a
Q3: The contribution is also known as the
Q4: An opportunity cost is the maximum benefit
Q5: The potential to damage customer loyalty or
Q6: A department generates income of $20 000
Q8: When making comparisons using relevant cost and
Q9: Unavoidable costs will be incurred regardless of
Q10: Opportunity costs are economic measures and therefore
Q11: James is considering replacing his worn-out machines.
Q12: Fixed costs are irrelevant to a decision
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