Which of the following is irrelevant when deciding whether to undertake an action?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aopportunity costsbimplicit costscsunk costsdimplicit costs and explicit costseopportunity costs and implicit costs

According to the principle of marginal decision-making, in order to make the best of any situation a decision-maker should:Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aconsider the impact on average costs and benefitsbtake the marginal costs and benefits of the action into accountclook at the total benefits received up to that pointdchoose a consumption level where marginal utility equals priceenever consume a good whose price is less than the marginal utility

The opportunity cost of any activity is best measured by theSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aprice (or monetary costs) of the activitybvalue of the best alternative that is given upclevel of technologydtime needed to select among various alternativesefringe benefits associated with the activity

Which of the following is NOT a measure of efficiency?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.atimebqualitycvolumedcost

Which of the following should be increased during an expansion?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aTax ratesbUnemploymentcGovernment spending

When analysing a make-or-buy decision, costs that will be incurred regardless of the decision:Group of answer choicesshould be included in the decision.are unavoidable and therefore should be ignored.are known as relevant costs.are known as incremental costs.