11.17 LO5 Many business decisions will have opportunity costs that should be considered in the decision process. Discuss how these opportunity costs are related to each of the following concepts:

(a) excess or spare capacity

(b) historical costs

(c) sunk costs

(d) relevant costs

(e) outlay costs

(f) incremental costs

(g) out-of-pocket costs, and

(h) marginal costs.