Great Outdoors Company operates a store in downtown Denver that has five departm

Question

Great Outdoors Company operates a store in downtown Denver that has five departments including a fishing department. If the fishing department is closed, the store manager's position will not be affected, but if the entire store is closed, the manager will be terminated. Which of the following lessons should be learned from this example?

Question 3 options:

1) Opportunity costs are always present. 2) Sunk costs cannot be avoided. 3) Relevance of costs is context sensitive. 4) Information does not have to be precisely accurate in order to be relevant.

Explanation / Answer

3) Relevance of costs is context sensitive.

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