Match the term with the correct definition or phrase.$$

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Group of answer choices

Sunk Costs

$[$ Choose $]$ The potential benefit lost by taking an action instead of an alternative action. Costs arising from a past decision and cannot be avoided or changed. It is irrelevant to current and future decisions. Cost that can be eliminated by choosing one action versus another. These cost are always relevant. Also called differential costs. Costs that are additional costs from selecting a certain course of action.

Incremental Costs

$[$ Choose $]$ The potential benefit lost by taking an action instead of an alternative action. Costs arising from a past decision and cannot be avoided or changed. It is irrelevant to current and future decisions. Cost that can be eliminated by choosing one action versus another. These cost are always relevant. Also called differential costs. Costs that are additional costs from selecting a certain course of action.

Avoidable Costs