The phrase don't cry over spilt milk could be rephrased in economic terms by saying,A) Sunk costs are irrelevant to a decision.B) Real resources have opportunity costs.C) There will always be fixed costs of production.D) The law of diminishing returns applies to everything.

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Dejohna Carter · Accepted Answer

Final Answer : A, Explanation :  Sunk costs are irrelevant to a decision is an economic principle that mirrors the sentiment of don't cry over spilt milk, suggesting that one should not worry about past losses that cannot be recovered, just as one should not lament over milk that has already been spilled.

The phrase "don't cry over spilt milk" could be rephrased in economic terms by saying,

A) "Sunk costs are irrelevant to a decision."
B) "Real resources have opportunity costs."
C) "There will always be fixed costs of production."
D) "The law of diminishing returns applies to everything."

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The phrase "don't cry over spilt milk" could be rephrased in economic terms by saying,A) "Sunk costs are irrelevant to a decision."B) "Real resources have opportunity costs."C) "There will always be fixed costs of production."D) "The law of diminishing returns applies to everything."

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Learning Objectives

Learning Objectives

Related questions

The phrase "don't cry over spilt milk" could be rephrased in economic terms by saying,

A) "Sunk costs are irrelevant to a decision."
B) "Real resources have opportunity costs."
C) "There will always be fixed costs of production."
D) "The law of diminishing returns applies to everything."