A cost that is non-recoverable, such as the time and fuel costs spent driving to a ski area when deciding whether or not to ski in bad weather, is called a(n) O A. implicit cost. B. explicit cost. O C. sunk cost. D. accounting cost.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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**Understanding Non-Recoverable Costs in Economics**

A cost that is non-recoverable, such as the time and fuel costs spent driving to a ski area when deciding whether or not to ski in bad weather, is called a(n):

- **A. Implicit cost.**
- **B. Explicit cost.**
- **C. Sunk cost.**
- **D. Accounting cost.**

This question explores different types of costs that individuals and businesses consider in economic decision-making. The focus is on understanding "sunk costs," which are expenses that have already been incurred and cannot be recovered.
Transcribed Image Text:**Understanding Non-Recoverable Costs in Economics** A cost that is non-recoverable, such as the time and fuel costs spent driving to a ski area when deciding whether or not to ski in bad weather, is called a(n): - **A. Implicit cost.** - **B. Explicit cost.** - **C. Sunk cost.** - **D. Accounting cost.** This question explores different types of costs that individuals and businesses consider in economic decision-making. The focus is on understanding "sunk costs," which are expenses that have already been incurred and cannot be recovered.
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