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.

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_stay constant over a wide range of production volumes.

f. The_is the difference in cost between two alternative courses of action.
g. The product’s_is the cost of making one more unit.
h. A product’s_and_, not the product’s-, should be used to forecast total costs at different production volumes.

Transcribed Image Text:

Differential costs Irrelevant costs Sunk costs Marginal costs Uncontrollable costs Fixed costs Controllable costs Average cost Variable costs