In a perfectly competitive industry structure, in real-world situations, all firms typically hav

a. The same cost structure

b. Same production capacity

c. Having varying cost structures

d. Same level of variable costs

Which of the following statements is true?

a. Incremental cost & sunk cost both change across the options available for a decision-making situation.

b. Incremental cost is always fixed across alternatives for a decision-making situation & sunk cost is also fixed.

c. Incremental cost changes across the options available for a decision-making situation while sunk cost is fixed.