A cost that should be ignored when evaluating a project because that cost has already been incurred and cannot be recouped is referred to as a(n): Group of answer choices opportunity cost. fixed cost. sunk cost. variable cost. forgotten cost.

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.