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Select either true or false for the following statements 1. An opportunity cost is the potential benefit that is lost by taking a specific action
| Select either true or false for the following statements |
| 1. | An opportunity cost is the potential benefit that is lost by taking a specific action when two or more alternative choices are available. | (Click to select)TrueFalse |
| 2. | A sunk cost will change with a future course of action. | (Click to select)TrueFalse |
| 3. | An out-of-pocket cost requires a current and/or future outlay of cash. | (Click to select)TrueFalse |
| 4. | Relevant costs are also known as unavoidable costs. | (Click to select)FalseTrue |
| 5. | Incremental costs are also known as differential costs. | (Click to select)FalseTrue |
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