You are the CEO of Apple. You are considering the launch of the newest iPhone, the iPhone $12.$ Market research shows that the launch of the iPhone $12$ will decrease demand for the iPhone $11$ by $25\%.$ When evaluating this project, should you consider the decreased demand for the iPhone $11?$

Yes. It's a side effect.

No$.$ It is not a relevant consideration.

No$,$ because the market research has already occurred.

Yes, because the market research costs are relevant cash flows.