Question: 1. Describe the decision-making process. 2. State the general rule for distinguishing between relevant costs and irrelevant costs in a decision-making situation. 3. Identify sunk

1. Describe the decision-making process.

2. State the general rule for distinguishing between relevant costs and irrelevant costs in a decision-making situation.

3. Identify sunk costs and explain why they are nor relevant in decision making.

4. Identify opportunity costs as well as out-of-pocket costs.

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