Question: Select either true or false for the following statements 1. An opportunity cost is the potential benefit that is lost by taking a specific action

Select either true or false for the following statements

1. An opportunity cost is the potential benefit that is lost by taking a specific action when two or more alternative choices are available. (Click to select)FalseTrue
2. A sunk cost will change with a future course of action. (Click to select)TrueFalse
3. An out-of-pocket cost requires a current and/or future outlay of cash. (Click to select)FalseTrue
4. Relevant costs are also known as unavoidable costs. (Click to select)FalseTrue
5. Incremental costs are also known as differential costs. (Click to select)TrueFalse

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