Question

Is my answer choice correct? I think it's B! What do you think? :/

A cost is a sunk cost if....

A. the cost is a marginal cost.
B. the cost cannot be avoided because it’s the result of a past decision.
C. the cost is an opportunity cost.
D. the cost is money spent on a sailboat.
E. there is no such thing as a sunk cost in economics.

@amistre64 @jim_thompson5910 :)

Answer 1

http://en.wikipedia.org/wiki/Sunk_costs

"In economics and business decision-making, a sunk cost is a retrospective (past) cost that has already been incurred and cannot be recovered"

Answer 2

I agree. B looks good

Answer 3

yay! thank you :)

Answer 4

@jim_thompson5910 what do you think of this one? :/

The bowed shape of a production possibilities frontier indicates...

A. the law of increasing costs.
B. the law of decreasing costs.
C. the law of increasing production.
D. that the economy is producing efficiently.
E. the law of increasing opportunity costs.

**i'm not quite sure what it means by bowed shape!! what do you think?

Answer 5

check out this page

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=law+of+increasing+opportunity+cost

Answer 6

ohh so would it be C?

Answer 7

nope, read over the article

Answer 8

okay :) one sec!!

Answer 9

ohhh is it E? law of increasing opportunity costs?

Answer 10

good

Answer 11

yay!! :) Thank you! :D