Which of the following statement(s) describe sunk cost? 1) All of the answers are correct 2) It changes with output level 3) For a firm to produce some output, it has to receive a price for its product that can at least cover its fixed cost 4) It is the economic loss of the firm if it shuts down production

Which of the following statement(s) describe sunk cost? 1) All of the answers are correct 2) It changes with output level 3) For a firm to produce some output, it has to receive a price for its product that can at least cover its fixed cost 4) It is the economic loss of the firm if it shuts down production

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.2P

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