Which one of the following statements is false? a. A sunk cost is one that has already

Question:

Which one of the following statements is false?

a. A sunk cost is one that has already been incurred.

b. Differential costs can be eliminated in whole or in part by choosing one alternative over another.

c. Opportunity cost is the amount of profit given up by choosing one alternative over another.

d. A differential cost is one that cannot be avoided.

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...