1. _____ are costs that have already been incurred and cannot be recovered.
A) Total costs
B) Implicit costs
C) Explicit costs
D) Sunk costs
2. The demand curve for the individual firm in the short run is:
A) downward sloping.
B) upward sloping.
These multiple choice questions belong to Economics. The 1st question is about identifying the costs that have been incurred and cannot be recovered and the 2nd question is about the demand curve for an individual firm in the short run would be.
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