Which of the following statements are true and which are false?

Fill in the following table.

A) The greatest potential for cost savings occurs in the operation phase of the life cycle.

B)Optimal volume (demand) occurs when total costs equal total revenues.

C)The demand for necessities is more inelastic than the demand for luxuries

D) A nonrefundable cash outlay (e.g., money spent on a passport) is an example of an opportunity cost.

E) Standard costs per unit of output are established in advance of actual production or service delivery.

F) Most decisions are based on differences that are perceived to exist among alternatives.