Lucinda spent $10 on a raffle ticket. Two people attempted to purchase her ticket just before the big prize drawing. The first person made a $35 bid.
Costs that have already been paid for in the past are known as?
Sunk costs are expenses that have already been paid for and cannot be recovered. Sunk costs are often not taken into account in company since they are seen to be unrelated to present and future budgetary concerns. Costs are expenses that have already been incurred and that cannot be changed by decisions made in the future.
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