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An opportunity cost: A) Results from past managerial decisions. B) Requires a current outlay of cash. C) Is an unavoidable cost because it remains the same regardless of the alternative chosen. D) Is the potential benefit lost by choosing a specific alternative course of action among two or more. E) Is irrelevant in decision making because it occurred in the past. The potential benefits lost by taking a specific action when two or more alternative choices are available is known as a(n): A) Opportunity cost. B) Alternative cost. C) Sunk cost. D) Differential cost. E) Out-of-pocket cost. A cost that requires a future outlay of cash, and is relevant for current and future making, is a(n): A) Uncontrollable cost. B) Out-of-pocket cost. C) Operating cost. D) Opportunity cost. E) Sunk cost. A cost that cannot be avoided or changed because it arises from a past decision, and is irrelevant to future decisions, is called a(n): A) Uncontrollable cost. B) Incremental cost. Q Sunk cost. D) Opportunity cost. E) Out-of-pocket cost