Decision-Making Concepts Quiz
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Questions and Answers

What is a differential cost in the decision-making process?

  • Opportunity cost of alternative courses of action
  • Sunk cost of alternative courses of action
  • Fixed cost of alternative courses of action
  • Cost that changes among alternative courses of action (correct)

    • What is a relevant cost in decision making?

  • A cost that is different for each option available to the decision maker (correct)
  • The cost involved in producing additional units of product
  • A cost that remains the same for each option available to the decision maker
  • The cost involved in producing fewer units of product

    • What are Oracle's total costs to process olives into olive oil each week?

  • $214,000 (correct)
  • $211,000
  • $217,000
  • $199,000

    • How much can Oracle spend to bottle the oil as is?

    <p>$15,000</p> Signup and view all the answers

    How much is Oracle's expected increase in purchasing empty bottles?

    <p>$3,000</p> Signup and view all the answers

    What is a relevant cost in decision making?

    <p>A cost that is different for each option available to the decision maker</p> Signup and view all the answers

    What is a differential cost in the decision-making process?

    <p>Cost that changes among alternative courses of action</p> Signup and view all the answers

    In the decision-making process, what is a sunk cost of alternative courses of action?

    <p>A cost that has already been incurred and cannot be recovered</p> Signup and view all the answers

    What does a fixed cost of alternative courses of action represent in decision making?

    <p>A cost that remains the same for each option available to the decision maker</p> Signup and view all the answers

    What is the cost involved in producing additional units of a product known as?

    <p>The cost involved in producing additional units of product</p> Signup and view all the answers

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