Describe other cost terms (Learning Objectives 6, 7)

Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

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Differential costs Marginal costs Irrelevant costs Sunk costs Uncontrollable costs Fixed costs Controllable costs Average cost Variable costs a. Managers cannot influence in the short run. b. Total _ decrease when production volume decreases. C. For decision-making purposes, costs that do not differ between alternatives are d. Costs that have already been incurred are called e. Total f. The g. The product's h. A product's stay constant over a wide range of production volumes. is the difference in cost between two alternative courses of action. is the cost of making one more unit. and , not the product's. to forecast total costs at different production volumes. , should be used