Quiz
ECO401 Short Questions by Mysterious
PDF 251 KB
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- Type
- Quiz
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- ECO401 Economics
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- PDF 251 KB
- Updated
- 23 Oct 2026
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- -Definethesunkcost? Sunkcostorexpenditurethathas beenmadeandcannotberecovered
iscalledsunkcost. Asunkcostis usuallyvisible,butafterithas incurred,itshouldalwaysbeignored whenmakingfutureeconomic decision. Forexample,thepurchase ofspecializedequipmentdesigned foraplant. Thisspecialized equipmenthasnoalternativeuse;its opportunitycostiszero. Thusit shouldnotbeincludedaspartofthe firm’scosts.
Q2. -Differentiatebetweeninflationand unemployment?
difficult.
- Definepriceceiling? Priceceilingisagovernment mandatedpricethatexistsbelowthe market’sequilibrium price;price ceilingsresultinshortages. For
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