Problem
1. What is the difference between a firm's accounting and economic costs? How do these costs relate to a firm's accounting and economic profits?
2. Define opportunity cost. How does a firm's opportunity cost relate to its economic cost?
3. What is the sunk cost fallacy?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.