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Consider the following statements about costs. Are they correct? If not, provide a correct statement about the relevant costs. One year ago, I loaned $100
Consider the following statements about costs. Are they correct? If not, provide a correct statement about the relevant costs.
- One year ago, I loaned $100 to a friend, and she paid me back the whole $100. The loan did not cost me anything.
- Our new football stadium was built on land that wealthy alumni donated to our university. The university did not have to buy the land, so the cost of the stadium equals the $50 million construction costs.
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